Harlem-Area Down Payments Are Some Of NYC’s Most Affordable: Report

HARLEM, NY - Prospective first-time homeowners: if Hamilton Heights isn’t on your list, think again.

Hamilton Heights was ranked one of the most affordable New York City neighborhoods to buy in, according to a new Streeteasy report. The analysis pinpointed neighborhoods touting homes with down payments under $100,000, and Hamilton Heights was ranked at No. 20 on the list.

Down payments were calculated as 20 percent of the median asking price for each neighborhood based on Streeteasy for-sale apartment listings. Neighborhoods with fewer than 50 for-sale apartment listings on StreetEasy as of September 2023 were also excluded.

A 20 percent down payment is typical of a down payment in New York City and beyond, though there are several mortgage assistance programs that help New Yorkers put down less than 20 percent without incurring other costs. Even so, the overall median asking price in NYC hit $1.05M as of August 2023, over 2.5 times the national average.

But in some neighborhoods, like Queens’ Howard Beach, buying is actually easier on wallets than renting, according to the report. Monthly carrying costs average out at $2,179 in the area, affording homeowners a potential annual savings of $2,650 after a down payment is made.

Alongside Howard Beach, the top neighborhoods you’ll find homes with down payments under $100,000 are Briarwood, Kew Gardens and Kew Gardens Hills in Queens, as well as Concourse (Bronx), according to the Streeteasy analysis.

You can view the full Streeteasy ranking of where to buy a New York City home with a down payment of under $100,000 below:

1. Briarwood, Queens
2. Howard Beach, Queens
3. Concourse, Bronx
4. Kew Gardens Hills, Queens
5. Kew Gardens, Queens
6. Riverdale, Bronx
7. Oakland Gardens, Queens
8. Sheepshead Bay, Brooklyn
9. East Flatbush, Brooklyn
10. Elmhurst, Queens
11. Bayside, Queens
12. Rego Park, Queens
13. Jackson Heights, Queens
14. Sunnyside, Queens
15. Bay Ridge, Brooklyn
16. Forest Hills, Queens
17. Midwood, Brooklyn
18. Woodside, Queens
19. Coney Island, Brooklyn
20. Hamilton Heights, Manhattan
21. Inwood, Manhattan
22. Gravesend, Brooklyn
23. Kensington, Brooklyn