Putting the Unaffordability of New York Homeownership in Perspective

For decades, New York City has been a byword for the high cost of living.  People who live almost anywhere else in the United States either look longingly at New York for its fast-paced lifestyle or balk at the cost of lunch from a sandwich counter or food truck while they visit, while the locals chat with the hot dog cart operator as if they buy lunch here, and at this price, every workday.  People move to New York and happily pay astronomical prices in order to pursue an ”only in New York” career, such as working at the New York Stock Exchange or performing in a play on Broadway.  A new report puts the cost of buying a house or condominium in New York into perspective.  Yes, New York is expensive, but everywhere is expensive, and some places are even more expensive than New York.  Furthermore, you can reduce the cost of buying a home in New York by making wise decisions.  If the Bronx is the only place you could ever imagine calling home, and you are not fabulously wealthy but still want to own a home here, contact a Bronx real estate attorney.

New York City Is No Longer in the Top Five Most Expensive Real Estate Markets in the United States

The Visual Capitalist website recently published a report on the average annual income required to qualify for a home mortgage in 50 U.S. Cities.  New York City came in at number six, making it the first time in a long time that it has not been in the top five.  According to the report, the average home price in New York City is $659,000, which means that you would need an annual income of $186,000 to qualify for a mortgage.  This is considerably higher than the national average mortgage qualifying income of $104,000.  Meanwhile, the five cities with real estate markets more expensive than New York City are all on the West Coast.  Seattle comes in a number five, and the top four are all in California.

How to Make Your Real Estate Transaction Less Expensive

Of course, when you measure the average income of new mortgage borrowers, some borrowers will fall below that average, and you could be one of them.  A one-bedroom condo in the Bronx requires a lower income than a palatial penthouse in Manhattan.  Furthermore, housing prices are lower outside the five boroughs.  Even if you don’t go all the way to Buffalo, where you can get a mortgage if you only earn $71,000 per year, you can save money if you start house hunting farther away from the most sought-after properties.  Furthermore, real estate transactions cost less if you work with a real estate lawyer instead of a real estate agent.

Schedule a Confidential Consultation With a Bronx Real Estate Attorney

A real estate lawyer can help you navigate the complexities of buying a house in New York City in tough economic times.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

visualcapitalist.com/the-salary-needed-to-buy-a-home-in-50-u-s-cities/