December 2011 Economic Snapshot: Second Homes in NYC
Exactly how large is New York City’s secondary housing market? NYCEDC’s Research & Analysis crunched the numbers, and here are some of their findings:
- According to the latest Decennial Census, only 1.2% of all housing units in New York City can be classified as secondary homes. The data, however, reveals significant variation at the borough and census tract level.
- Most secondary homes are located in Manhattan, where they account for more than 3% of all housing units. The share of secondary homes outside Manhattan is considerable lower, ranging from 0.2% in the Bronx to 0.7% percent in Queens.
- These figures compare to the median across all counties in the nation of 2.8%.
To hear more about these pieds-à-terre and how they impact the City, tune in to our podcast above and read the full snapshot.