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In New York City, finding a home has grown into a challenge few can overcome. PropertyShark's article shows that over half of all buyers require a mortgage to purchase a home in New York City, with Staten Island leading at 77% financed purchases and 97% of buyers remaining local, and cash purchases dominate both high-end above the $5 million price range and bargain market housing at under $250K. That split represents a ballooning concern in boroughs such as the Bronx, Staten Island, and Queens, where some families struggle simply to plant their roots, whereas others can move in overnight.

Among those pursuing affordable housing, the wait is no longer weeks and months, it's years. Out of an average of 593 applicants, only 1 can win, with the average wait time for a new unit being 371 days. Competition has soared, and the restrictions are stricter than ever, shutting out many who require help from even competing in the first place. New York City Housing Authority turnaround times have become even worse; the average repair-to-rent period has risen from 182 days to 399 days, meaning even after being approved, buyers are still impeded from their housing. Whilst the system continues to stall, rent increases, and families continue bouncing around from one place to the next hoping for stability. Kid's are forced to abandon their connections mid-year, and jobs are impeded and sometimes lost due to longer commutes. “Home” in New York City continues to grow into a myth for a vast number of people who were once able to call the city home.

The percentage of mortgage-based home purchases in boroughs such as the Bronx(60%), Staten Island(77%), and Queens(62%) highlights the necessity of financial support to families and individuals seeking affordable housing in outer boroughs. Affordable housing eligibility has only become more restrictive over the years, and is poorly communicated. There are countless families and individuals seeking a home that are shut out entirely due to these underlying issues. The more this unaffordable housing epidemic thrives, the harder it becomes to reverse. These delays only deepen instability for those stuck in the limbo of renting while in search of an affordable housing option. Gravity Foundation's goal is to educate, support, and connect those struggling to find affordable housing to the various options they deserve to have.

PropertyShark's data reveal that not only is citywide home ownership affected by lack of capital, but also a lack of information surrounding affordable housing. But this lack of knowledge does not have to be destiny. With focus in outreach, we can overturn financial knowledge gaps into empowerment.

Gravity Foundation's job is to change that. Our belief is that housing programs should be easier to learn, process, and accessible to every New York resident. Every single day of delay compounds the loss of money, stability, and the hope of belonging. For a city known to be where dreams are made, the simple dream of home-ownership must not be surrendered.