In Yonkers, New York, the cost of homes has risen 6.3 percent in 2017. There is the expectation that home prices will go up 2.5 percent this year. In Yorkers, $453,000 is the house median value.
$214 is the list cost median per square foot in Yonkers. The Metro area of New York has a higher list cost median per square foot of $260. $480,300 is the median cost of houses that have sold in Yonkers.
For the next few years there is a factor that will have an impact effecting housing values. That factor is foreclosure rate. For every 10,000 homes in Yonkers, 0.6 houses are foreclosed. The Metro area of New York has a much higher foreclosure rate of 1.8 homes per 10,000. And in the United States, 1.6 homes for every 10,000 is the rate of foreclosure.
The first thing that a homeowner experiences on their way to foreclosure is being delinquent on their mortgage. What does it mean to be delinquent on a mortgage. It means that an owner of a home has missed making a payment on their mortgage.
In the city of Yonkers, 3.3 percent of home owners have mortgage delinquency. This is more than double the national mortgage delinquency percentage which is 1.6.
During the recession of 2008, and up to late 2011, the value of homes fell greater than 20 percent in our nation. This has caused many home owners to be underwater on their home value. If someone is underwater on their mortgage, what does that mean? It means that they owe more on their home than the value of the home.
9.3% of Yonkers home owners are experiencing being underwater regarding their mortgages. The Metro area of New York has a lower percentage of mortgages underwater. It’s 9.2%.
Regarding commercial loans, we are going to take a look at apartment rentals. In Yonkers, rents have increased by 10.7 % during the time between March of last year and March of this year. This is not good for renters, many of them who have a tough time making ends meet, and are having a super rough time affording to enter the home owner market.
This rent increase was the 3rd biggest in the nation when it comes to small cities. It came in third next to a 37.1 % rise in Odessa, Texas, and a 29.9% rise in Midland Texas. Odessa and Midland are oil towns and they can experience feast or famine according to what is happening in the oil industry.
In March of 2018, the national rent average was at $1,371 per month. An economy that has been improving, and a lack of inventory contribute highly to high prices. But, what makes matters worse for Yonkers’ renters is that many renters are moving to Yonkers from New York City because the rents are cheaper than in New York City.
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