New Yorkers who fall into the millennial generation may see buying a home as a far-flung fantasy, but a new StreetEasy study shows that buying a house or apartment may not actually be an unattainable dream.
That report posits that there are, in fact, some affordable—and desirable—neighborhoods left in the five boroughs, assuming you don’t mind living outside of Manhattan. Forest Hills and Riverdale topped the list of the best neighborhoods for first time-buyers in New York City. The study looked at homes that could be considered “affordable” to New Yorkers between 25 and 44 years old earning the median annual income of $70,406, according to the U.S. Census 2017 American Community Survey.
Following Forest Hills and Riverdale are Sheepshead Bay, Bay Ridge, Jackson Heights, East Flatbush, Midwood, Rego Park, Kew Gardens, and Midtown East.
“Whether or not to buy a home is always a personal decision, one that takes a lot of research and careful planning,” the study reads. “But right now, buyers in New York definitely have the market dynamics working in their favor—and at least 10 neighborhoods where there are plenty of homes within reach on a median first-time buyer’s income.”
The study also looked at affordable listings for sale in 2018 and, surprisingly, the median price among all those in the top 10 neighborhoods, is $335,000.
According to the report, in 2018, there were 414 affordable listings in Forest Hills at a median price of $309,000 and 399 in Riverdale, Bronx, at a median price of $225,000.