How much do you need to earn to buy a home in different areas of New York?

A new study has shown how much those who want to buy a home in a particular area of ​​New York need to earn, reports NYPost.

Data from Realtor.com says that in six metro areas, homebuyers must earn seven figures to even consider living at a prime address.

The most expensive among the five districts is Nolita (North of Little Italy). There, the average home price is $5.

Anyone who wants to live within a four-block radius of Manhattan must earn $1 a year to afford real estate there.

Above 14th Street, median home prices on both the Upper East Side and West Side of Manhattan exceed $1. Those looking to buy a home on either side of Central Park would need to earn $800 and $000, respectively.

On the subject: Luxury apartments for pennies: what is affordable housing in New York

According to a report from Douglas Elliman and Miller Samuel, in the second quarter of 2024, the average real estate price in Manhattan fell 1,5% to $1,2 million.

How high are home prices outside of Manhattan?

Manhattan is not the only monopolist on expensive real estate in New York. Brooklyn is also not very budget friendly.

Homebuyers in Carroll Gardens must earn $718 a year, while Cobble Hill requires an annual salary of $983. Boerum Hill's required salary is not much less, at $698.

Average prices for at home. in these leafy neighborhoods range from $2 in Carroll Gardens to $683 in Boerum Hill.

By comparison, the median home price in the United States in May was $442.

“The least affordable areas are concentrated in Manhattan and Brooklyn, as well as several coastal areas of New York and New Jersey,” said Hannah Jones, senior economic research analyst for Realtor.com. “Buyers in these areas pay more to be in the city center or another beautiful location.”

More accessible places

If you don't earn that much yet, don't worry. Although New York City is generally an expensive metropolis, you can find lower prices in and around the city. housing.

It's no secret that the further you are from downtown Manhattan, the less you'll have to pay for a home.

“The most affordable areas of New York are located mainly in the Bronx and Yonkers,” Jones said. “House prices in these areas are below the national average and below the metropolitan average.”

Uptown Manhattan homes cost an average of $471, with an annual salary of $875.

In Brooklyn, budget buyers can purchase a home close to the beach and the famous Nathan's hot dogs in Coney Island. There, the average cost is $417, and the minimum required income is $000.

In up-and-coming Queens neighborhoods like Jackson Heights, the median price holds at $367, meaning buyers should earn $472.

In Riverdale in the Bronx, located on the banks of the Hudson River, potential homeowners need to earn $98 to buy a home with a median price of $186. In Lawrence Park West in Yonkers, near the elite Sarah Lawrence College, a median-priced home will cost at $366, that is, the annual income of buyers must be at least $500.

What is the most affordable area of ​​New York?

The most affordable area of ​​the city is Highbridge, in the South Bronx. It was named after the high arched bridge that crosses the East River and connects the Bronx with Harlem. The average home price here is $149, so future owners will have to earn at least $936 per year.