The new report from StreetEasy reveals that a potential Manhattan homebuyer needs an income exceeding $308,449, significantly higher than the median household income of $95,866.
StreetEasy’s calculations demonstrate that with a median asking price of $1.325 million on the Upper East Side, buyers would need to have at least $250,000 down for a 20% deposit.
This stark disparity highlights the struggle for typical Manhattan residents; although median household income is just $95,866, affording a home requires triple that earning.
With homes going for around $850,000 in Midtown East, even 'affordable' neighborhoods demand down payments that exceed $150,000, exacerbating housing accessibility issues.
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