As an agent working in one of the priciest markets in the country, helping first-time buyers in New York City find properties in their price range can be tricky. To help, StreetEasy calculated the best neighborhoods for an average NYC first-time buyer in 2016. In its calculations, StreetEasy assessed income data, mortgage-to-income ratios, down payment and mortgage interest rates. All accounted for, StreetEasy found that the typical first-time homebuyer in NYC can afford a home costing $524,050.
- In its calculations, StreetEasy assessed income data, mortgage-to-income ratios, down payment and mortgage interest rates.
- The largest number of listings at this price point in 2015 were in Brooklyn, comprising 29.6 percent of the market, followed by Manhattan, which covered 23.1 percent of the market.
- Riverdale had 1,087 listings in 2015 to fit the first-time buyer budget, 98 percent of which were co-op units.
- The second-best neighborhood for first-time buyers is Sheepshead Bay, Brooklyn, with 702 affordable listings, followed by Forest Hills, Queens with 553 affordable listings.