You are reading

WalletHub study shows NYC is among country’s worst largest real estate markets in 2023

Aug. 23, 2023 By Ethan Marshall

A study conducted by WalletHub concluded that New York City is among the worst places in the country to buy a house, ranking 264th out of 300 cities in the study. This is in large part due to its real estate market, which ranked 246th.

The data collected from the cities in the study to determine the results was based upon 17 key indicators of housing market attractiveness and economic strength, graded on a scale from 1-100. The data set ranges from median home-price appreciation to job growth.

The ten key indicators related to the real-estate market were home value forecast, median home-price appreciation, median days on the market, share of seriously underwater mortgages, ratio of rent price to sale price, foreclosure rate, share of people delinquent on their mortgage debt, vacancy rate, share of young homes and building-permit activity.

The seven key indicators related to affordability and economic development include housing affordability, maintenance affordability, population growth rate, job growth rate, unemployment rate, underemployment rate and median credit score.

New York City ranked 201st in share of seriously underwater mortgages, 266th in median days on the market, 195th in median home-price appreciation, 298th in job growth rate, 20th in the percentage of delinquent mortgage holders, 287th in home price as the percentage of income and 138th in maintenance costs as the percentage of income. It also ranked as the fifth-worst in affordability and economic environment.

According to WalletHub, the data used to create the rankings were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Council for Community and Economic Research, Zillow, TransUnion, Chmura Economics and Analytics, The National Association of Realtors, ATTOM, a property data provider – U.S. Home Equity and Underwater ReportATTOM, a property data provider – U.S. Foreclosure Market Report and WalletHub research.

Recent News

Jamaica man sentenced to five years for $4.5 million bank fraud and money laundering scheme

A Jamaica man was sentenced to five years in federal prison on Monday for his role in a wide-ranging bank fraud and money laundering conspiracy, which resulted in the misappropriation of approximately $4.5 million in victims funds.

Chinwendu Alisigwe, 38, was previously convicted following a trial in Manhattan federal court. According to the indictment and evidence offered at trial, from 2017 to 2020, Alisigwe used fake identifications to open 36 separate bank accounts at six different financial institutions, which he opened with more than a dozen fraudulent passports and other bogus identity documents bearing his photograph, but the names of other individuals.

16-year-old arrested after assault on 68-year-old grandmother heading to church in Jamaica Hills: NYPD

A 16-year-old Jamaica boy was arrested on Thursday and criminally charged in the vicious attack that left a 68-year-old grandmother in critical condition after the teen shoved her while she was heading to church in Jamaica Hills on Sunday morning.

Detectives from the 107th Precinct in Fresh Meadows apprehended the teenager in front of his residence on 89th Avenue in Jamaica following a four-day manhunt. The incident occurred as Irene Tahliambouris was on her way to morning mass on April 7.