For the second year in a row, Riverdale in the Bronx has the largest inventory of units that would fit well with first-time buyers, but several other neighborhoods in all the boroughs offer inexpensive, commuter-friendly options.
Based on a calculation tying together presumptive income and mortgage rates, StreetEasy has compiled a list of neighborhoods with housing options for first-time buyers. The report outlines the availability of housing priced below $524,050, the amount a typical first-time buyer can afford.
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With this price cap, there were 13,518 units available citywide, with the greatest share located in Brooklyn, StreetEasy stated.
Following the conventional wisdom that housing availability increases with distance from Midtown Manhattan, many of the best neighborhoods for first-time buyers, including Riverdale in the Bronx, Forest Hills in Queens, and Sheepshead Bay in Brooklyn, were all train-riding distance from the city.
Alan Lightfeldt, the author of StreetEasy’s report, encourages buyers to also search for co-op units as well as condo units because including co-ops increases available listings by a factor of six. In Manhattan, there were 35 neighborhoods with affordable co-op inventory but only 10 with condo inventory.
StreetEasy will be discussing buying a first home in New York City onSaturday, Feb. 6 at 9:30 a.m.at The New School.