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Story summary
- The median age of New York City area homeowners is 58.8 years as of 2024, indicating an aging base amid a housing crisis.
- Homeownership rates declined from 52.7% in 2010 to 51.3% in 2024.
- An average family must earn about $110,000 annually to afford a typical home.
- Advocates cite low construction rates and aging homeowners reluctant to sell.
- Proposed first-time homebuyer savings accounts could help younger buyers enter the market.
