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 Regions | Average individual student debt balance2 | Percent 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