REAL ESTATE
Queens housing market is one of the least aff ordable in the U.S.: study
BY ANGELA MATUA
amatua@qns.com / @angelamatua
A new study by real estate website Point2
Homes found that the Queens housing market
Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
BAYSIDE WOODSIDE ST. ALBANS WOODHAVEN
Under $500,000
9-05 166th St., Beechhurst
$387,000
Co-op
3 bedrooms, 1 bathroom
Th erese Korahais
Douglas Elliman Real Estate
$500,000-900,000
9-21 College Place, College Point
$850,000
2-family Colonial
3 bedrooms, 2 bathrooms
Michael Hsu
Winzone Realty
Over $900,000
223-19 Mia Drive, Bayside
$1,690,000
1-family Colonial
6 bedrooms, 3 ½ bathrooms
Hsin Yuan Yang
E Realty International Corp
Under $500,000
35-51 85th St., Jackson Heights
$425,000
Co-op
2 bedrooms, 1 bathroom
Vladimir Simkhovich
Jackson Heights Properties
$500,000-900,000
69-14 41st Ave., Woodside
$568,000
Condo
1 bedroom, 2 bathrooms
Mercedes Lima
News Realty
Over $900,000
31-69 43rd St., Astoria
$1,499,000
2-story Colonial
4 bedrooms, 2 ½ bathrooms
Bianca Colasuonno
NY Space Finders
Under $500,000
117-30 196th St., St. Albans
$460,000
1-family Colonial
3 bedrooms, 1 ½ bathrooms
Christina McClendon
Elevation Realty
$500,000-900,000
244-12 84th Road, Bellerose
$599,000
1-family Cape
4 bedrooms, 1 bathroom
Maryann Senia
Keller Williams Realty Greater
Over $900,000
150-76 Goethals Ave., Jamaica Hills
$1,600,000
3-family townhouse
8 bedrooms, 6 bathrooms
Luis Chavez
Gotham West Realty
Under $500,000
84-02 Beverly Road, Kew Gardens
$269,000
Co-op
1 bedroom, 1 bathroom
Marina Seow
Prime Realty
$500,000-900,000
89-17 86th St., Woodhaven
$589,000
1-family Colonial
3 bedrooms, 1 full-bath, 2 half-baths
Nelson Leong
East Coast Realtors
Over $900,000
67-22 Burns St., Forest Hills
$1,150,000
2-family Colonial
4 bedrooms, 3 ½ bathrooms
Helen Keit
Keller Williams Realty Landmark
is one of the least aff ordable in the
United States.
Th e study, which analyzed how fast a family
could pay off their home if they spent their
entire annual income, found that Queens
was ranked the 10th least aff ordable city
out of 32 cities. To determine aff ordability,
researchers calculated the median multiple
of each city. To do this, they divided
the median home sales price by the median
annual family income.
Th e higher the ratio is — 3 and lower is
considered aff ordable — the longer it will
take a family to pay off their home.
Not surprisingly, Manhattan ranked 1 on
the list while Brooklyn was the third least
aff ordable city. Queens also made the top of
the list, coming in at 10. Th e median multiple
in Queens is 7.9, beating out cities
like Washington, D.C., the Bronx, Denver,
Portland, Chicago, Nashville and more.
It would take a family making the median
family income 7.9 years to pay off their
home if they contributed their entire salary
toward the house.
Th e median home sale price in the borough
is $490,867 and while that price tag
may be less than other cities on the list, the
median family income in Queens is $62,207.
Th e median family income in the United
States is $56,516.
Th e study also analyzed the median multiple
in North America and included cities in
Canada and Mexico. Queens ranked 11th on
that list, making it less aff ordable than cities
such as Toronto and Ottawa in Canada and
Mexico City.
Another report by PropertyShark released
earlier this year found that in 2016, fi rst-time
foreclosures in the borough have reached
highs not seen in fi ve years. In 2016, 933 of
2,2002 homes scheduled for foreclosure in
New York City were located in Queens.
Photo via Shutterstock
Queens ranked 10th on a list of least aff ordable cities in the U.S.