According to the criteria of
“With a minimum income of US$211,970, the average buyer in New York City must earn almost three times more than a buyer in the national market“, the site said, adding that the drop in mortgage rates caused that amount to be US$10,625 less than last year.
However, the panorama becomes complex when understanding that, taking this data into account, Only 15 percent of New York City homes fall within the range of people who are able to buy a home, given that they earn a combined income of US$200,000 or more.
To reach this conclusion, The site took into account and deeply analyzed lThe average sales prices of the entire market and the bottom third of the market, as this gave an idea of what buyers are likely to find if they look at the more affordable end of the market, as well as the market as a whole.
In this sense, they calculated the income necessary to be able to meet the monthly expenses of a mortgage of within 30 percent of gross income, and also considering the 20 percent down payment on a 30-year mortgage rate of 6.5 percent, with data averaged from August.
Can New York home prices go down?
Considering that, compared to last year, buyers need a salary of US$10,625 less to buy a house in New York, according to StreetEasy, Lowering mortgage rates can improve people’s purchasing power and provide greater affordability for home ownership.
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