Affordability poses the greatest challenge for first-time homebuyers in New York City, with only 30% of residents owning homes. High prices, low inventory, and elevated mortgage rates leave many buyers out of the market. Homeownership rates vary significantly across boroughs, with Staten Island having the highest rate at nearly 70%, and the Bronx the lowest at 20%. Racial disparities exist, as homeownership rates among Black and Latino families are notably lower than those of Asian and white families. The median age for first-time buyers has risen to 38, necessitating more financial preparation than in previous decades.
First-time homebuyers in NYC face a challenging market with high prices, low inventory, and high mortgage rates, leading many to feel priced out.
In New York City, homeownership rates vary widely by borough, with Staten Island at nearly 70% and the Bronx at only 20%, illustrating stark disparities.
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