March 5, 2024 – MyMarketPulse (mymarketpulse.com) just released the list of most affordable counties in New York for January 2024.
Looking for a bargain on a new home, but worried about paying for it? Curious if there are spots in New York where homes are actually affordable based on what folks earn? MyMarketPulse took a deep dive into it, exploring where in New York you can truly afford to live without breaking the bank.
What We Uncovered
We zeroed in on each county, pulling up the median sale prices from Redfin alongside median household incomes straight from U.S. Census data, focusing on counties with 25 or more home sales per month. By dividing the median home price by the median income, we got a clear picture of affordability – basically, how many years of income it takes to buy a home. Counties were then ranked from most to least affordable based on this ratio.
The Highlights
In New York, the most wallet-friendly county for locals to buy a home is Herkimer County, where the median home price is just 1.8 times the typical local annual salary. The median sale price is $125,000.
On the flip side, Bronx County sits at the pricey end of the spectrum, with homes costing 12.9 times what the average local earns in a year. The median sale price is $605,000.
Most Affordable Counties in New York
1. Herkimer County
2. St. Lawrence County
3. Cattaraugus County
4. Chemung County
5. Cayuga County
Least Affordable Counties in New York
1. Bronx County
2. New York County
3. Kings County
4. Queens County
5. Westchester County
For more information about the New York market, visit MyMarketPulse.com.
MyMarketPulse is a free service of Digital Build Team (DBT, DigitalBuildTeam.com). Its goal is to help everyone quickly understand and compare real estate markets by providing timely data and visual analysis to help explain current market trends and predict future opportunities.
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