(New York, NY) — If you own a home in New York, New York and aren’t making over $400,000 annual salary—well, good luck.
According to the 2018 Unison Home Affordability Report, the median home price in New York City is $1.6 million, making it the report’s least affordable city to eat, sleep and breathe in. That means with even a 10 percent down payment on a home, which by the way would take 12 years to save for, you’ll likely struggle if you make just over $50,000 annually.
“The topic of housing affordability has become a nationwide conversation, and with good reason,” the report reads. “Many would-be home buyers believe that the dream of homeownership is slipping out of their reach.”
One solution to this, the report reads, is homeownership investment, which the report says could “be the bridge to homeownership for millions of Americans. By giving them the ability to buy a home now rather than wait several years, a homeownership investment gives these new homeowners a chance to start building equity today with their monthly mortgage payments and putting down roots in their chosen communities.”
The report then refers to several New York neighborhoods for consideration, such as Brooklyn’s Park Slope, which, according to the report, requires a $512,000 annual salary at a ten percent down payment, equating to roughly $12,808 in monthly payments.
“From Brooklyn to the Bronx, New York is full of strivers and dreamers and doers,” the report reads. “But, as everyone knows, living in this city is expensive. Very expensive. Many of the city’s residents are likely to experience some challenges as a result.”