Are you a first-time home buyer in New York City? This can be a daunting challenge, especially if you’re hoping to get the best deal possible. Fortunately, not all New York City housing costs millions of dollars. In fact, there are several neighborhoods where first-time buyers can successfully negotiate buying a home. The city also offers financial help like Home Loans Long Island . This is certainly an advantage for first-time home buyers. There are certainly options for finding a home in New York City, even if you have never owned a home. One of the best options is a starter apartment.
There are several neighborhoods where a home buyer is more likely to find a good starter apartment that they can afford. The average first-time home buyer in the city has an annual salary of around $66,000. Their age ranges from 31 to 35 years old and they want a mortgage-to-income ratio of less than 40 percent. This all means that the first-time home buyer in New York City can afford a maximum of about $356K for their first home.
There are eight neighborhoods in the city which have an adequate number of condos and studio apartments which are priced within this budget. The first of these is Riverdale which has a median sale price of just under $300,000 for a one-bedroom condo or a studio apartment.
Another good choice is Spuyten Duyvil where a one-bedroom condo or a studio apartment averages around $275K. This is a pretty neighborhood with river views and acceptable transportation options.
Inwood, located at the very north of Manhattan can be quite a commute to downtown, but the average price of a starter apartment is $345K. The area also boasts good transportation options including the A and 1 subway lines.
Looking for your first home in New York City can be challenging. However, with determination and flexibility, it is possible to find an affordable starter apartment in the Big Apple.