Midtown East Tops Manhattan For First-Time Home Buyers: Study

MIDTOWN MANHATTAN, NY — When New Yorkers think of affordable housing Midtown probably doesn't come to mind, but a recent study from real estate listing site StreetEasy concluded that Midtown East is the best neighborhood in Manhattan for first-time home buyers.

Midtown East landed at No. 10 on the company's list of the best New York City neighborhoods for first-time home buyers, which was published Thursday. The neighborhood, which StreetEasy defines as the area between East 24th and 59th streets east of Madison Avenue, is Manhattan's sole representative on a list dominated by Brooklyn and Queens.

The inclusion of Midtown surprised even the experts behind StreetEasy's study. While many homes in the bustling Manhattan neighborhood are well beyond what StreetEast considers "affordable" there are a number of bargains to be found.

Despite the fact that only 5 percent of listings in Midtown East were considered affordable, the neighborhood still had 143 affordable homes, according to StreetEasy's study.

"Midtown East has options for budget-minded buyers in large part because of its size. It’s one of the largest neighborhoods in New York City, and has a dense concentration of high-rise buildings, which translates into lots of listings — more than 3,000 in 2018. A small share of its overall stock still means 143 possible homes for average-earning shoppers," the study reads.

StreetEasy defined affordability by analyzing home prices for people between 25 and 44 years old with a median gross household income of $70,406. It's important to note that this definition leaves out low-income New Yorkers.

A listing was determined to be "affordable" if its monthly total payment was not greater than 40 percent of the monthly gross household income. The study counted costs such as maintenance, property taxes and mortgage payments, according to StreetEasy.

Here is StreetEasy's full list of New York City's 10 best neighborhoods for first-time home buyers:

• Forest Hills, Queens
• Riverdale, the Bronx
• Sheepshead Bay, Brooklyn
• Bay Ridge, Brooklyn,
• Jackson Heights, Queens
• East Flatbush, Brooklyn
• Midwood, Brooklyn
• Rego Park, Queens
• Kew Gardens, Queens
• Midtown East, Manhattan