You must earn more than $ 200k to affford the media nyc home – ryan

Most New Yorkrs Dream of an in-Unit Washer and Dryer in Their Rental, More Closet Space, or A Second Bathroom. Home Ownership? Not so much. LAST YEAR, You have had to have an annual household income of $ 222,595 to afford a median-priced home in new York City. But what About say year, consider the recent decline In Mortgage Rates? Surely, you might be pleading, haves have gotten a little bit Better? Yes, The Good News Is Now You Only Have to Make $ 211,970 to Afford a Median-Pricered Home, Accorting to a New Streeteasy Report. Get the Champagne.

This is number is worse than it look. The streeteasy Report assumes you’ve got the 20 percent down payment already handled. Since the Median Ascing Price for A Home Is Now $ 1.05 Million (Three Times the National Average), That’s About $ 210,000 in Spare Cash. YOUR $ 200,000-PLUS INCOM IS JUST TO KEEP YOUR MONTHLY MORTGAGE PAYMENTS WITH 30 PERCENT OF YOUR GROSS INCOM. (And the City’s Down-Payment Assistance plan has income limits that are much lower than that.) If you want to live in Manhattan, the minimum income is higher: $ 308,449.

Not Surpringly, Only 15 Percent of Households in the City Makes $ 211,000-Basically, You (and Maybe Your Partner, too) have to be a well-Paid Doctor, CEO, or Public-Relations Manager, Acciting to A Bureau of Labor Statistics Survey of the Metropolitan Area. To the chepest homes – in the Lowest Third of what’s available citywide – one has to make at least $ 94,861, which is more than, the ampsa dental hygienist or teacher makes. So if you were cutting down on your coffee orers to Save up for a home, Maybe just go ahead and buy that $ 8 matcha latte. IT MIGHT TAKE YOU DECADES.