Other nearby options include Toms River, Brick, Freehold, and Jersey City, where homes typically range from the mid-$400,000s to the upper $600,000s.<\/p>\n
For those considering a move farther afield, Philadelphia, Pittsburgh, Orlando, and Myrtle Beach all offer homeownership opportunities within reach of a typical NYC rent-level budget. However, Naples, Florida, remains out of reach for most renters due to higher home prices and insurance costs.<\/p>\n
Income remains a major hurdle. To keep rent below 30% of gross income, renters would need monthly household earnings of $10,517 in the Bronx, $13,307 in Brooklyn, $15,823 in Manhattan, and $11,463 in Queens\u2014annual incomes ranging from $126,000 to nearly $190,000.<\/p>\n
\u201cEven as wage growth has picked up, rent affordability remains a persistent challenge for many New Yorkers,\u201d Hale said.<\/p>\n
\u201cThat\u2019s why we\u2019re seeing continued interest in nearby suburbs and in more affordable metros nationwide, places where renters can channel their monthly payments into long-term homeownership.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Other nearby options include Toms River, Brick, Freehold, and Jersey City, where homes typically range from the mid-$400,000s…\n","protected":false},"author":2,"featured_media":6589,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[5940,9,24,55,54,5938,56,5939],"class_list":["post-6588","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-median-asking-rent","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-new-york-city-rents","tag-ny","tag-rental-market"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/6588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=6588"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/6588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/6589"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=6588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=6588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=6588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}