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Front Page of NY Times Real Estate Section Features Social Explorer

MONDAY, MAR 23, 2020

The article, "New York’s Millennial Homeowners and Where to Find Them," on the front page of the New York Times real estate section explores the quest of homeownership for young adults and features data and analysis by Social Explorer. 

Reporter Stefanos Chen parses the neighborhoods and stories of New Yorkers born between 1981 and 1996 who have managed to secure a home. He writes about the particular challenges for these young New York City homebuyers, citing Social Explorer:

The odds are not in their favor. In a five-year analysis of recent census data, 91,585 homes in New York City were owned by millennials — just 9 percent of all homeowners — and they earned a median household income of about $108,000 a year, according to the research firm Social Explorer. The median household income in New York was around $63,800 in 2018, and about two-thirds of households in the city rent, according to data compiled by the New York University Furman Center.

Chen also uses Social Explorer analysis across the years to show the decline in homeownership:

New York millennials also lag behind past generations of home buyers, when they were the same age. In an analysis of 25-to-34-year-olds, Social Explorer found that only 11 percent of New York millennials were homeowners in 2018, compared to 15 percent of Generation-X in 2000, and 17 percent of baby boomers in 1990.

The article also includes a table of the neighoborhoods with the highest and lowest proportions of millenial homeowners (built with data from Social Explorer and American Community Survey):

To check out the full stories of the homebuyers and the trends, read the read here.

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