Tired of renting? How much money do you need to buy a house in NY? – Telemundo New York (47)

Buying a home is the dream of hundreds of New Yorkers burdened by rising rents in the Big Apple, in addition to local taxes that suffocate the finances of low- and moderate-income families.

BUT HOW FEASIBLE IS IT TO REALIZE THAT GREAT DREAM AT A TIME WHEN INFLATION REACHED ITS HIGHEST RATE IN FOUR DECADES?

According to a 2022 housing report from Realtor.com, a real estate listing website operated by Move, Inc., a subsidiary of News Corp, and headquartered in Santa Clara, California, this will be a breakneck year for buyers in the nation’s largest markets. And the New York metropolitan area will be no exception.

Overall, local home prices in the United States are expected to rise 2.3% in 2022 from a recent average of $619,000.

Housing affordability will be a growing consideration. While buyers who act quickly may have a better chance of finding a home within their budget as inventory is expected to recover from COVID-19 lows, home sales in the New York area are forecast to New York City-Newark-Jersey will drop 3% in 2022.

According to Realtor.com, 2022 is set to be a very competitive year as home sales hit a 16-year high and trends like workplace flexibility enable more homebuyer success.

Recovery from recent declines caused by COVID-19 will also begin as the supply of homes for sale has risen 0.3%, and affordability would become more complex as mortgage rates rose to 3.6%, prices Prices rose to new all-time highs such as 2.9%: rent growth rose 7.1%, while revenue rose 3.3%.

“Affordability will become more of a challenge as interest rates and prices rise, but remote work can expand search areas and allow younger buyers to find their first home sooner than they otherwise might have. another way. And with more than 45 million millennials within the top first-time shopping ages of 26-35 by 2022, we expect the market to remain competitive,” says Chief Economist Danielle Hale.

Researchers at Realtor.com expect home sales to grow as much as 6.6% year over year and hit the highest levels in 16 years, leading to a fairly competitive market in the coming 2022. Recent survey data showed that 53% of millennials are buyers who plan to purchase their first home within the next year.

In 2021, low mortgage rates helped buyers manage their monthly housing costs.

Even though rates are set to rise in 2022 by 2.9%, the 3.3% rise in income and falling unemployment will help keep homeownership affordable for buyers.

Looking at the New York-Newark-Jersey City region in particular, the report forecasts a decline in sales growth of 3% and an increase in price growth of 2.3%.

According to Realtor.com, during the pandemic and COVID-19, viewers of suburban home listings increased by 42.1%, expect suburbs to remain more popular than large urban metro areas as homebuyers search for properties relatively affordable and larger.

SO HOW MUCH MONEY DO YOU NEED TO AT LEAST START LOOKING FOR A PROPERTY?

The median price of a New York home sold in 2021 was $370K. That’s a 19.4% increase over the 2020 median price of $310K, according to the New York State Association of Realtors (NYSAR).

Nationwide, the median home price in November of last year was $481,700, according to the US Census Bureau.

The median home sales price in New York has increased since 2017. The table below shows median sales growth between 2017 and 2021.

MORTGAGES ON THE RISE

According to NYSAR, mortgage rates were at record lows with a 30-year fixed-rate mortgage at 3.10% last December, up from 3.07% in November, according to Freddie Mac. However, NerdWallet shows mortgage rates are rising. On January 21, it had risen to 3,598% for a 30-year fixed-rate mortgage.

Existing home prices could rise another 2.9% and the market will remain competitive, according to Realtor.com’s 2022 housing forecast.

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