Other nearby options include Toms River, Brick, Freehold, and Jersey City, where homes typically range from the mid-$400,000s to the upper $600,000s.
For those considering a move farther afield, Philadelphia, Pittsburgh, Orlando, and Myrtle Beach all offer homeownership opportunities within reach of a typical NYC rent-level budget. However, Naples, Florida, remains out of reach for most renters due to higher home prices and insurance costs.
Income remains a major hurdle. To keep rent below 30% of gross income, renters would need monthly household earnings of $10,517 in the Bronx, $13,307 in Brooklyn, $15,823 in Manhattan, and $11,463 in Queens—annual incomes ranging from $126,000 to nearly $190,000.
“Even as wage growth has picked up, rent affordability remains a persistent challenge for many New Yorkers,” Hale said.
“That’s why we’re seeing continued interest in nearby suburbs and in more affordable metros nationwide, places where renters can channel their monthly payments into long-term homeownership.”