Image: Plexi Images/GHI/Universal Images Group/Getty Images
Lastly, some excellent news in the New York City real estate market: It will take a person making the typical family income only 20 years to conserve up for a down payment. (The present median is $105,481, and the mathematics here presumes 10 percent put aside in yearly savings.) Oh, that seems like bad news to you? Think about the truth that this is in fact a better projection than what we’ve seen recently: “While 20 years is a long period of time, this is an enhancement from nearly 24 years to save for a 20 percent deposit on the median-priced home in April 2019 prior to the pandemic,” per the report from StreetEasy.
So most of us must get comfy renting for the time being. What’s going on in the rental market? Oh, well, according to the same report, the median lease in April set a brand-new record, rising 7 percent year over year to $4,120–“the greatest StreetEasy has actually recorded because it began tracking rental data in 2010.” On the other hand, stock has just gotten tighter and tighter.
Happy hunting, apartment seekers.
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