The best neighborhoods of New York to buy your first home

In which quarter of New York are typical buyers looking for their first home and for whom the real estate market is favorable, writes the publication The New York Times.

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The situation in the real estate market in New York today is favorable for those who managed to accumulate enough funds for a down payment to purchase their first home.

How to look for affordable housing

Potential buyers can find some guidance on where to buy their first home in a new StreetEasy study. It determined which neighborhoods in New York had the most affordable housing for middle-income buyers.

“In the end, an increase in the number of affordable houses means a higher chance of buying,” the publication notes.

To determine what type of housing is affordable, the study took the average monthly income of New Yorkers between the ages of 25 and 44 as the basis for the age range of most new buyers. It turned out the amount of $ 5867. The maximum monthly cost of housing was 40% of this amount, or $ 2347.

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Buying a home involves an initial payment of 20% and an 30-year fixed mortgage rate of 4,06%, including monthly taxes and general fees.

Based on this, StreetEasy researchers provided The New York Times with up-to-date data and an extended list of neighborhoods with affordable housing. Below are the 15 neighborhoods with the largest number of homes that were affordable for beginners in 2018.