What the Housing Affordability for Renters Index Tells Us about Homeownership Prospects for Newark Renters

Brief

What the Housing Affordability for Renters Index Tells Us about Homeownership Prospects for Newark Renters

December 8, 2020

Abstract

An examination of the city of Newark using our housing affordability for renters index (HARI) reveals that homeownership in Newark is not affordable to Newark renters but is affordable to renters from other parts of the New York MSA and from renters in Essex County, where Newark sits. Trends in census data also confirm that Newark has been an attractive place for homebuyers in the New York MSA and that the newest Newark homebuyers are younger, have more income and higher education levels than existing homeowners, and tend to move into larger and newer houses. This evidence suggests that Newark is gentrifying.

Centers

Cross-Center Initiative

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