We all know living in NYC is not cheap, but for those seriously looking to put down roots and be future home owners, it’s important to know which neighborhood is the right choice for you. For some it may be location, others size, but we’re going to be looking at price.
If you want to find an ideal price on a house in NYC, your best bet is in Briarwood, Queens. According to a study from a few months ago, StreetEasy ranked the best NYC neighborhoods to buy in with a down payment that’s less than $100k.
A down payment can be one of the most difficult challenges in buying a home. In NYC, the typical rule of thumb is a 20% down payment. That is also the minimum percentage some NYC homes will accept.
Queens dominated the rankings with six out of the 10 neighborhoods on the list being in Queens: Howard Beach, Kew Gardens Hills, Kew Gardens, Oakland Gardens, and Elmhurst. The remainder are all in either Brooklyn or the Bronx.
The median asking price for a home in Briarwood, Queens is $240,000 with a $48,000 down payment. And after NYC’s median asking price for a home hit $1.05M in August 2023, $240,000 doesn’t sound so bad!
According to StreetEasy, a $150,000 salary is feasible to be a homeowner in NYC. Current carrying costs for NYC homes in that budget are under $3,500, which is less than the median asking price for rent across the city.
In total, StreetEasy listed 23 NYC neighborhoods that interested homeowners will need to give a down payment of less than $100k. Find them all from the study here.