First-time homebuyers in New York City have a spread of accessible options in four of the city’s five boroughs, according to a new report from StreetEasy.
The company analyzed housing data to determine the most accessible neighborhoods for first-time buyers, typically aged 25 to 44, earning the city’s median annual income at $70,406. Sheepshead Bay topped the list, sporting 330 apartments on the market from June to August within an affordable monthly spending range.
Sheepshead Bay topped the list, but it wasn’t the only Brooklyn neighborhood to crack the top ten — three other neighborhoods in the borough also made the cut. Bay Ridge ranked seventh overall, while Midwood came in at tenth.
Second place on the overall list went to Forest Hills in Queens. It was joined by Jackson Heights (fourth), Flushing (eighth) and Rego Park (ninth). Flushing was one of two new entries to the list from StreetEasy’s last ranking in 2019.
Manhattan and the Bronx also had representation on the list, leaving Staten Island as the only borough out in the cold. Riverdale in the Bronx finished third while Midtown East and the Upper East Side in Manhattan ranked fifth and sixth, respectively; the Upper East Side is a new entry to the list.
An increase in inventory is the primary driver for the Upper East Side emerging as an option for first-time buyers. It’s still an expensive locale, seeing 5 percent of homes being considered affordable according to StreetEasy. Midtown East isn’t much cheaper, with only 9 percent of homes qualifying as affordable.
StreetEasy arrived at its list by analyzing census data to see who earns the city’s median income. It defined affordable housing as using a 20 percent down payment with other monthly charges. In the ten neighborhoods chosen, the median asking price was $352,780 with maximum monthly charges of $2,346.
While New York City has its share of affordable neighborhoods for first-time homebuyers, the city is still one of the least affordable metros for this group, according to a recent NerdWallet study. The affordability ratio in New York City was 6.6, ranking in the bottom ten of the nation.