The landscape of homebuying in New York has become increasingly challenging for first-time buyers, driven by soaring prices and a competitive market. The average starter home costs around $335,230, necessitating an income of at least $80,291 to afford it under typical mortgage terms. Compared to surrounding states, New York remains difficult for entry, especially in high-end markets. However, cities like Buffalo and Rochester provide more affordable options, highlighting the importance of exploring a variety of locations to find value in a daunting market.
In 2024, the average price of a starter home in New York was $335,230, making it one of the hardest housing markets for first-time buyers.
Water Mill in Southampton is the most expensive city for a starter home in the country, with a median price of $5.48 million.
Understanding how far your salary will stretch is vital for prospective homeowners to find value in locations they initially overlooked.
Buffalo's median prices are actually below $300,000, making it an accessible option for those willing to endure the winter months.
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