People moving to New York City should come with a dream, a good pair of walking shoes—and, depending on where they plan to live, a million-dollar salary. Six neighborhoods in the city require homebuyers to earn seven figures to even consider making an offer on a tony address, according to new research compiled by Realtor.com®.
The most expensive neighborhood in the five boroughs is Nolita, where the median home costs an eye-watering $5,351,875. Any aspiring or current New Yorker who wants to live in the four-block-wide Manhattan neighborhood—which is now the center of trendy boutiques and chic restaurants—needs to earn $1,433,781 a year to afford a home there. “The six most expensive ZIP codes in the NYC metro area all require a minimum household income of more than $1 million to remain within affordability recommendations,” says Realtor.
com® senior economic research analyst Hannah Jones. “These areas attract luxury buyers with median listing prices of $4 million or more.” To size up the required income needed to buy a home in various neighborhoods in this metro, Realtor.
com did a deep dive on localized listing prices, then presumed, as a benchmark, that homebuyers would make a 13.6% down payment, spend 30% of their income on housing, and face a 6.95% mortgage rate along with 1.
17% in taxes and insurance. (To check median home prices and required income to purchase in different New York City neighborhoods, hover your cursor over an area on the map below.) For .
