Becoming a first-time homeowner in NYC does not have to be a far-fetched dream for people without an extremely high-paying job. Many believe that they must live upstate and commute to their metropolitan career. The truth is that there are plenty of affordable homes in the NYC area for the first-time buyer who has not been given a gift of a down payment or inherited property from family. The more space you are willing to put between your home and mid-town Manhattan, the more likely you are to find a home that is within your budget. Here are a few places for a first-time buyer to consider when starting your search:
Riverdale has been consistently leading the five boroughs when it comes to the highest amount of homes compatible with those who are buying for the first time. While Riverdale has expensive suburban homes, there are plenty of condos, studios, and co-op one bedrooms on the market that are priced ideally for a first-time buyer. This neighborhood is great for those who are looking for a quiet, suburban environment.
Bay Ridge, Brooklyn
Photo byAlex Flint/ Flickr
Bay Ridge is not only home to affordable condos, one-bedrooms, and studio co-ops, it’s an area that has plenty to offer aesthetically. You’ll gain views of tree-lined streets, lush parks, and low-rise architecture. This neighborhood is up and coming with plenty of locally owned bars and restaurants. Hop on the R train for a 30-minute ride into Midtown.
Sheepshead Bay, Brooklyn
Image byPeter Miller/ Flickr
Just south of Bay Ridge you’ll find even more affordable Sheepshead Bay. Because of its distance away from Midtown with a much longer ride that starts at the end of the B/Q line, the prices for homes are quite affordable for the first-time buyer. Apartments have been found to start around $85,000, which is a real bargain in the City. Here you’ll find many condos and one-bedrooms as well as co-ops.
Forest Hills, Queens
Image byPeter Dutton/ Flickr
Forest Hills, Queens is the ideal area for those who are looking for larger two-bedroom units. The neighborhood also hosts a fair amount of economical one-bedroom and studio apartments. The larger units display the character of homes that have been preserved from the pre-war era. Savor interior designs that reflect a time when great attention was paid to detail. In Forest Hills, the first-time buyer will be surrounded with freestanding houses within a serene, suburban atmosphere.
Image byScott McDonough/ Flickr
At the northern tip of Manhattan, you’ll find Inwood. This area is perfect for those who don’t want a quick commute but instead value a larger space. Getting to Midtown is a bit of a hike, but the neighborhood has access to the 1 and A subway lines. One-bedroom co-ops are affordable here, and you’ll gain the views of the Harlem River and sprawling Inwood Park. Take time out to de-stress at La Marina that sits along the waterfront and encompasses 75,000 feet.
If you’re indeed looking to expand your search to trendier areas closer to Midtown Manhattan, considering affordable co-ops will bring you to the West Village, Chelsea, the Lower East Side and Park Slope. Before buying for the first time, decide what aspect is most important to your living situation: space, commute, quiet, scenery? From there it will be easier to buy a home for the first-time in NYC.