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First-time buyers finding deals in NYC

  • July 05, 2012

First-time buyers finding deals in NYC

For many people, moving to New York City is a lifelong dream. Whether it's to experience the renowned culture, make a splash in the publishing industry or try and get a role in a Broadway show, many people see the Big Apple as the ultimate destination.

Of course, with all that excitement comes a hefty price tag - New York has the highest rents in the country, according to CNBC. In fact, at 52 percent, the city's rent-to-income ratio is miles ahead of second place.

For people considering moving out of state to the city that never sleeps, this is likely bad news.

However, the surging rents have had a positive effect on one sector of the market: first-time buyers. For people hoping to buy their first home, Manhattan is as attractive as ever, according to Bloomberg.

"The ones that can qualify are clearly buying," Jonathan Miller, president of the appraisal firm Miller Samuel, told the news source.

For those who have been waiting for the opportunity to call professional household movers to bring their belongings to a brand new home in Manhattan, this may be the most opportune moment.


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