Purchasing a starter home in New York has become increasingly challenging but not impossible for first-time buyers. In 2024, an average starter home costs $335,230, necessitating an income of at least $80,291 to afford it comfortably via mortgage. Compared to neighboring states, New York's market is one of the least accessible. Cities like Buffalo and Rochester offer more affordable options, with prices significantly below the state average. Understanding market conditions and salary requirements helps prospective buyers navigate this competitive housing landscape effectively.
"With sky-high real estate prices in many parts of the state and a housing market that's getting more competitive by the day, the steps to buying a house for the first time in NY can feel overwhelming."
"To afford a starter home in New York in 2024, a buyer would need to earn at least $80,291 per year, making it one of the hardest markets to break into."
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