not news, data: Manhattan coops outnumber condos 3:1, but rentals outnumber both 3:1

pinning a Manhattan real estate data point: distribution of housing in Manhattan
That Housing and Vacancy Survey by the U.S. Census Bureau I relied upon yesterday is the source for some simple data nuggets that answer these oft-asked questions:

• how much of Manhattan’s housing stock is coops, and how much condos?
• how many people in Manhattan rent compared to how many who own?

The answers are curiously symmetrical:

• there are 3 coop households for every condo unit in Manhattan
• there are three rental households in Manhattan for every owner-occupied unit

These answers are graphically represented (with colors!) in a Miller post that I noted about 6 weeks ago, which I put aside for a future post. Especially in the wake of yesterday’s post that relied on that same Census Bureau survey (December 14, Wall Street Journal oversells a Manhattan 4 bedroom “boom”), today’s a good day to cross that off the Manhattan Loft Guy to-do list.

The Miller’s October 27 post pulled a (colorful!) chart from a press briefing by the Federal Reserve Bank of New York about housing, using data from that U.S. Census Bureau survey. Go there, as you will see the data more quickly than reading it here if I repeated it.

I can add that the total number of Manhattan households in that U.S. Census Bureau survey is 761,554 (see Table 14 from the 2008 survey), so the rough numbers for types of Manhattan residential units back out like this (applying the integer percentages in the chart to that “n”):

Again, these overall ratios have been part of the informed Manhattan residential real estate conversation for years, so the ratios are not ‘news’. But as I did in my December 7, pinning a data point: national real estate peak was July 2006, I wanted to be able to post a credible source for a bit of Conventional Wisdom. Done!

© Sandy Mattingly 2010