Oct. 10, 2023 By Ethan Marshall
StreetEasy identified the 23 New York City neighborhoods that have the lowest barrier to entry to become a homeowner, with 12 Queens neighborhoods making the list, including six in the top 10 for lowest median asking price. All of the neighborhoods on the list require a monthly carrying cost less than the citywide median rent of $3,500 and a minimum down payment of less than $100,000.
According to StreetEasy’s analysis, buying a home in any of the 23 neighborhoods listed would require a minimum annual household income below $150,000. For two of the neighborhoods, Briarwood and Howard Beach, an annual income below $100,000 would still be enough.
The Queens neighborhoods to appear on this list include Briarwood (1), Howard Beach (2), Kew Gardens Hills, (4), Kew Gardens (5), Oakland Gardens (7), Elmhurst (10), Bayside (11), Rego Park (12), Jackson Heights (13), Sunnyside (14), Forest Hills (16) and Woodside (18).
According to the report, the median asking price in Briarwood is $240,000, with a 20% down payment of $48,000 and a monthly carrying cost of $2,167. The median asking rent is $1,900 and the minimum annual income is $92,850.
Following close behind Briarwood is Howard Beach, with a median asking price of $249,000, a 20% down payment of $49,800 and monthly carrying costs of $2,179. The median asking rent there is $2,400, which is more expensive than the next neighborhood on the list, Concourse in the Bronx ($1,975). The minimum annual income of Howard Beach is $93,395.
Ranked fourth in the report is the third Queens neighborhood, Kew Gardens Hills. Its median asking price is $310,000, equating to a 20% down payment of $62,000. Monthly carrying costs there are $2,599. The median asking rent is $2,400 and the minimum annual income is $111,396.
Right behind Kew Gardens Hills is Kew Gardens, with a median asking price of $315,000 and 20% down payment of $63,000. Monthly carrying costs there equate to $2,624. The median asking rent is lower than that in Kew Gardens Hills, at $2,200. Minimum annual income in Kew Gardens equates to $112,448.
Riverdale in the Bronx placed sixth on the list, just ahead of the next Queens neighborhood, Oakland Gardens. The median asking price there comes out to $323,000, with a 20% down payment of $64,600. Monthly carrying costs are $2,709. The median asking rent there is $2,395. The minimum annual income is $116,082.
The next two spots on the list are Brooklyn’s Sheapshead Bay and East Flatbush, with median asking prices of $349,000 and $349,500 respectively. Rounding out the top ten is Elmhurst, with a median asking price of $359,000 and 20% down payment of $71,800. Monthly carrying costs there equate to $2,647. The median asking rent is $2,150. Minimum annual income there is $113,458.