The Bronx has the lowest homeownership rates in New York City even though it may be the last place many New Yorkers can afford to buy a home. Moving from renting to owning can feel daunting because many people live lease-to-lease and lack clarity on how to start. The homebuying process is difficult due to interest rates, down payments, and the need to outbid other buyers. City officials and housing experts are working to make homebuying more accessible. Bronx home prices vary by neighborhood, with an average around $490,942, while some areas list homes between $600,000 and $800,000. Rent often limits residents’ ability to save for a purchase, so guidance focuses on planning beyond short leases. A couple bought their first Bronx home in Kingsbridge to build a family future.
"The Bronx might be the last place that the average New Yorker can afford to buy a home - yet, it has the lowest rates of homeownership in all of New York City. The thought of going from a renter to an owner can seem daunting. Most people live lease-to-lease, unsure of how to afford a home or even how to start the process."
"It's incredibly difficult for the average New Yorker to start the homebuying process. Figuring out interest rates, a down payment and outbidding other interested parties, seems like a hurdle first-time home buyers can't get over. City officials and housing experts are trying to change that."
""The Bronx is the last borough standing," said Crystal Hawkins-Syska, a real estate agent who sells homes in Westchester County and the Bronx. "It is the last borough in New York City that's still affordable... It's an untapped place for likeminds to join together to figure out what's possible.""
"But can many Bronx residents afford to buy the more affordable homes? The rent for many in the borough already eats away at their finances. That means many residents don't have the ability to squirrel away money to buy a home, Hawkins-Syska said. She tries to talk to clients about thinking of the future outside of a one or two-year lease agreement."
Read at Bronx Times
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