Forest Hills leads the city in affordable homes, according to a new analysis by StreetEasy.
Last year, the Queens neighborhood boasted 414 apartments that fell within an appropriate price range for those earning $70,406 annually, the median income for New Yorkers between the ages of 25 and 44, which includes the majority of first-time home buyers in the city, the analysis found.
Other neighborhoods with relatively inexpensive homes on the market last year included: Riverdale, with 399 listings; Sheepshead Bay, with 326; Bay Ridge, with 241; and Jackson Heights, with 235.
StreetEasy identified homes under $610,000 as affordable for the demographic, meaning costs amounted to 40 percent of monthly income. It pulled median earning information from the 2017 American Community Survey.
Costs were based on a 4.06 percent, 30-year-fixed mortgage, with a 20 percent down payment as well as the maintenance, common charges and taxes described in listings.
