Ask New Yorkers and they’ll tell you that our city is expensive. Housing costs are high. And sometimes it feels like everything is going up but your paycheck.
StreetEasy senior economist Grant Long says half of New Yorkers find the city to be unaffordable, but only 1 in 6 say their own home is unaffordable.
Budget is the No. 1 real estate concern for New Yorkers, followed by space. But they couldn’t care less about modern amenities. The survey found that, at the end of the day, doormen and in-building gyms had no impact on people’s home-buying decisions, Grant says. They’re not concerned about those perks at all.
According to the survey, New York City millennials might finally be ready to settle down: 1 in 3 millennials is considering buying a home in the next 12 months.
Grant says they’re either settling down or starting a family for the first time. A lot of them are building up the savings required to afford a home so it makes sense, he says, that they’re now looking to capitalize on the home-buying trend.
But with home prices so high in the city, renting might not be such a bad idea. Grant says the average home price in Manhattan right now is about $1 million.
With rent growth slowing down and a lot of new rental construction, you can find a lot of deals right now. So that remains a really attractive option for New Yorkers.