As the New York City housing market enters its peak buying season, a recent report indicates that starter apartments accounted for a majority of all home sale transactions in the city during the first quarter this year.
Starter apartments, which includes one-bedroom homes and studios, accounted for a 56.2 percent share of all home sales during the three-month period, Crain's New York reports. This is a notable increase from the 10-year average of 50.9 percent.
"We were shocked at how high rents are," buyer Michelle Lynn told the news source. "This is our first purchase in the city, but it's a good place to park our money."
Meanwhile, experts predict this trend will continue to rise in the coming quarters, as contract signings – which are an indicator of future home sales – increased 19 percent for studios and nearly 11.6 percent on one-bedroom units.
As the entry-level market continues to heat up in the Big Apple, investing in a home for sale in New York City could continue to be a profitable investment for many years to come.
