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
Bronx2850020.3%
Brooklyn3560032.9%
Manhattan4410022.1%
Queens3340046.9%
Staten Island3170072.8%
Long Island3240082.3%
Lower Hudson Valley3390066.3%
Mid-Hudson Valley2890072.1%
Newark, Union3010060.9%
Northeastern New Jersey3060051.2%
Edison, New Brunswick3120072.1%
Albany, Schenectady, Troy3010069.5%
Binghamton2700071.2%
Bridgeport, Stamford, Norwalk3210067.6%
Buffalo Cheektowaga, Niagara Falls2830070.3%
Elmira2700071.5%
Glens Falls2510073.3%
Ithaca3000059.7%
Kingston2800073.5%
New York, Newark, Jersey City3280053.6%
Rochester2910070.8%
Syracuse2850070.7%
Utica, Rome2480070.2%
Watertown, Fort Drum2510058.7%

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