Stats in Your State
New York typically ranks among the most expensive states to own a home, but some of these numbers may surprise you.
Homeowner Insurance Premiums
Compared to the U.S. as a whole, the cost of homeowners insurance in New York is well above the norm. The average annual premium for homeowners insurance has steadily risen in recent years. In 1999, New Yorkers paid $533 for coverage, within $50 of the national average. Ten years later, the average homeowner in the state was paying an annual premium of $983 — nearly $200 more than the rest of the country.
Renter Insurance Premiums
Owing to the risk of hurricane damage, flooding, and other natural disasters originating in the Atlantic Ocean, New Yorkers also pay relatively high amounts for renters insurance. In 2008, renters paid $216, more than $40 than the national average. This amount was exceeded only by renters in states where severe weather damage is commonplace, such as Louisiana, Massachusetts, Oklahoma, and Texas.
Existing Home Sales
New York annually ranks among the top five states in terms of home sales. In 2010, roughly 242,000 houses, condos, co-ops and other residences were sold in the Empire State; only California, Texas, and Florida recorded more sales. However, owing to the recent housing crisis, this number actually represented a sizable decrease in annual sales; between 2000 and 2010, an average of 282,700 homes were sold on a yearly basis.
Flood Insurance in Region
Flood damage in New York varies considerably from year to year. However, October 2012 saw the arrival of Hurricane Sandy, and flooding along the Eastern Seaboard — particularly the New York/New Jersey coastline — reached catastrophic levels. More than 20,000 claims were filed during that time span, and the cost of these damages exceeded $530 million.
New York has been filled with people longer than many other American metropolises have existed, and it should come as no surprise that many of the state's homes are relatively old. Nearly 60 percent of the residences in New York were built prior to 1950, while less than 6 percent have been erected since 2000.
Rules in Your State
In New York, as much as 56 percent of households are affected by foreclosure of rental properties. When a bank plans to foreclose on a property, all tenants must be notified prior to the action; additional provisions are made for tenants in the event of a foreclosure action and subsequent sale to new owners.
New York has several laws in place governing the construction, management, sale, and occupation of manufactured residences.
Homeowners in New York who install efficient appliances (including washer/dryer units, refrigerators, air conditioners, thermostats, and furnaces) are eligible to have the interest rates on their mortgage lowered by as much as 4 percent.
Representatives & Resources in Your State
New York Department of Financial Services
All insurance matters in the state of New York (including homeowners and renters insurance) are overseen by the NYDFS.
Department of Home Preservation & Development’s Guide to Home Ownership in New York City
This overview of Big Apple properties and housing regulations is a great resource for any of the 8 million residents of New York City.
New York State Housing Guide
From buying and selling property to housing for senior citizens and the disabled, this government-sponsored site features several helpful resources for current and prospective homeowners in New York.