NEW YORK (PIX11) -- Thinking of buying a home in New York City? It’ll cost you almost three times more than the rest of the national market, a new study finds.
A buyer needs at least $211,970 to afford a median-priced home in the five boroughs, according to a StreetEasy report.
Despite that number being more than the national average, researchers say it’s still down by more than $10,000 from the minimum salary needed a year ago.
Brooklyn has the most competitive sales market, but Manhattan remains the most expensive, requiring an income of at least $308,449 to afford a home.
The citywide median asking price stands at about $1.05 million as of August 2024, the study shows. However August also marked a 16-month low for the average 30-year mortgage rate, which in turn, improved buying power.
Prospective buyers may find more affordable homes when prices are likely drop in the fall, StreetEasy researchers say. The study also suggests that buyers can take advantage of city, state, and federal programs such as the State of New York Mortgage Agency and the city program HomeFirst.
Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here.
