The Detroit times., 1916-08-31
New York Motor Own
ers Increase as Flats
are Over-Run
MORTGAGES ON
DWELLINGS HIGH
Only $4,000 Out of g.
100000 Live In
Own Homes

NEW YORK, Aug 3o-Would you
buy an automobile rather than a
home?
This IS the new question OF the
hour
New York home owners are de-
creasing rapidly while automobile
owners are increasing by the thou
sands Old-time own Your own
Home" legends are disappearing
from public places 10 make way for
auto explorations
Statistics completed by the real
estate exchanges show that auto
buying has taken The place OF home
buying on a large scale Families
OF he saving class tha, have bought,
homes IN heavy yolVme during past
years are putting their money into
automobiles. and as they cannot az.
ford both homes and autos the real
estate market IS feeling the pinch
This is making New York one
vast community % renters OF its
100000 people more Than 5000 600
live in fats according 20 a recent
report OF Tenement House Commits
sioner John Murphy. and % the
remaining 5000 900 or 100000 .ami-
lies. less than 10000 families live in
their own houses, and only $4,000
are free from mortgage That this
is far out OF line with conditions in
The rest OF the country is shown by
the last federal census. which rec
ords 10000 o0o families occupying
dwellings. 5000 600 OF whom live IN
their own houses with 100000
free from mortgage
The Bulletin OF the real estate
board announced that home owner
ship In the city Is disappearing rast
and tenancy rs becoming the un.yer-
sal rule
Mortgage records show that homes
are encountered faster than old liens
arc paid on The Bulletin says
There are more homes mort gagged
in a given period han there are
homes purchased The encountered
homes are Increasing A. the eX-
peuse OF the free homes whose own.
ers are gradually either mor'gaging
them or joining the tenant class
Building records show that barely
100 IN every ! 900 new dwellings
are owned by the builders for occu-
pancy The others are FOR rent or
sale And o. the 100 home build
ers only 10 own their houses free OF
mortgage This compares with 300
home owners IN every 1000 house
builders IN Chicago, 327 In s.. Louis.
212 in Cleveland, 45l In Philadel-
phla. 5s4 in Spokane. or new homes
free from mortgage. Philadelphia
builds - in 1000 Cleveland 1l2.
Chicago. I2s. S. Louis, l73. Spo-
kane. 2s3
In Manhattan private dwellings
are torn down A. the rate Of 500 a
year 20 make sites for big apart
men's or business structures Prac-
tically the only new ones built are
IN The exclusive millionaire sections.
The entire ISLAND has less than %.
100 private dwellings with compare
lively few owned by the occupants
and still less free from mortgage
Throughout the Greater City bare
IS 20 per cent ~ the homes owned
BY occupants are free from mort
gage In 1910 the percentage was
90 IN 1900 &, vas ~ During the
past decade. although tho number
81 homes Increased over 81 per
cent. The free homes declined one
per cent.
In view OF The dri' away from
home ownership, tho exchanges are
planning campaign % thrift pub
lcity They want 10 show wage
earners that 'he safest place for
savings IL the home and 10 warn
them against investments which
tend 20 drpreciate or totally wipe
or, their capital