The minimum income needed to buy a home in New York City in August 2024 was $211,970, which showed a significant year-over-year improvement due to declining mortgage rates.
The 30-year mortgage rate dropped to a 16-month low during the last week of August 2024, going just under 6.5%, providing more negotiating power to prospective buyers.
Asking prices in New York City may have peaked, with more common price cuts this year signaling that buyers might have more options and better leverage.
Manhattan's median home price was the highest at $308,449, while the Bronx had the lowest at $73,826. The disparities highlight the ongoing affordability crisis.
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