At a time when it's never been more expensive to purchase property in Manhattan, and Brooklyn and Queens median sales prices continue to reach new heights, buying an inaugural slice of New York City real estate may seem more out of reach than ever. But leave it to the number-crunchers at StreetEasy to prove that it can be done. Working off of census data, StreetEasy has pinpointed neighborhoods throughout the city best for first-time home buyers, and have created a handy interactive map to accompany it.
StreetEasy used census data to determine the average age of first-time home buyers in New York City (31-35), and that age group's median income ($66,738.) Using that info, they identified the neighborhoods most viable for first-time buyers. At the top of that list is Riverdale in the Bronx, followed by Sheepshead Bay, Forest Hills, Bay Ridge, and Washington Heights. StreetEasy's map also singles out different neighborhoods depending on different search parameters, like condo or co-op, and the ideal number of bedrooms.
In collecting the data, StreetEasy discovered a few things. Looking for a deal? Go co-op. Co-ops are more affordable to first-time home buyers and cost about one-third of what condos cost. Another tip: the farther away from Midtown, the more reasonable the price. Looking for a larger space with a smaller pricetag? Head to south Brooklyn and east Queens. Those neighborhoods may not be in the center of it all, but Michelle Williams is now a homeowner in Ditmas Park, so anything is possible.