New York Regional Disparities in Student Debt and Home Ownership Rates

Regions as determined by the New York Fed Consumer Credit Panel

According to the Federal Reserve1, every $1,000 increase in student loan debt lowers the home ownership rate by approximately 1.5 percentage points. In the New York region, Manhattan and areas close to New York City tend to have higher student debt and lower home ownership rates, while areas such as Long Island have high student debt but no decrease in home ownership.

New York Area RegionsAverage individual student debt balance2Percent of households occupied by owner3
Bronx
28500
20.3%
Brooklyn
35600
32.9%
Manhattan
44100
22.1%
Queens
33400
46.9%
Staten Island
31700
72.8%
Long Island
32400
82.3%
Lower Hudson Valley
33900
66.3%
Mid-Hudson Valley
28900
72.1%
Newark, Union
30100
60.9%
Northeastern New Jersey
30600
51.2%
Edison, New Brunswick
31200
72.1%
Albany, Schenectady, Troy
30100
69.5%
Binghamton
27000
71.2%
Bridgeport, Stamford, Norwalk
32100
67.6%
Buffalo Cheektowaga, Niagara Falls
28300
70.3%
Elmira
27000
71.5%
Glens Falls
25100
73.3%
Ithaca
30000
59.7%
Kingston
28000
73.5%
New York, Newark, Jersey City
32800
53.6%
Rochester
29100
70.8%
Syracuse
28500
70.7%
Utica, Rome
24800
70.2%
Watertown, Fort Drum
25100
58.7%

Created by MBA@Syracuse, the online MBA program from Syracuse University

Sources:
1 https://www.federalreserve.gov/econres/feds/files/2016010r1pap.pdfarrow_upwardReturn to footnote reference
2 https://www.newyorkfed.org/outreach-and-education/regional-household-credit.htmlarrow_upwardReturn to footnote reference
3 https://www.census.gov/programs-surveys/acs/about.htmlarrow_upwardReturn to footnote reference