COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

Over the past decade, the share of homeowners who own their homes free and clear has risen sharply across the New York metropolitan area. This dynamic is most extreme in Manhattan (New York County), where roughly 50% of homeowners now own their homes without a mortgage.

As we approach the end of 2025, major policy developments in Washington—from defense negotiations to the ongoing FY 2026 budget fight—will have significant implications for housing policy.

While on-time collections remain well below post-pandemic highs, the recent positive inflection suggests a rebound is already underway. Objectively, current collection levels represent underperformance, though the upward trajectory is justifiably fueling optimism.

Health insurance coverage patterns reveal a clear divide between renters and homeowners. Renters are nearly three times as likely to be uninsured as homeowners (11.7% versus 4.4%) and are far more reliant on public coverage.Just under half of renters (48.8%) have private insurance, compared with a majority of homeowners (54.5%). Meanwhile, nearly one in three renters (29%) rely exclusively on public insurance, underscoring the income and employment disparities that shape acce