At the housing market's peak, many prospective buyers found themselves waiting on the sidelines looking for ways to afford homes for sale in New York City.
In the wake of the housing bubble burst, most Big Apple properties managed to dodge the slide in home prices that affected many other housing markets across the county. While this was good news for local homeowners at the time, it kept a number of families locked out of the market.
However, according to The New York Times, there are areas just outside of the city that have made homeownership a possibility to these households. In Long Island – just a few short miles outside of the city – the pairing of low mortgage rates and a 10 percent drop of median home prices has opened a world of new opportunities for buyers priced out of the New York City market.
A recent report from Prudential Douglas Elliman indicated that the 10 percent drop resulted in a median home price of $339,000 from $356,000 a year earlier.
