Newbie looking to be a first time home buyer in NYC

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Newbie looking to be a first time home buyer in NYC

Yewhna T.
New to Real Estate · NY, NY · Member since 2026 · 3 posts · 3 votes

I’ve been interested in investing in real estate for years, and I’m finally fully committed to making it happen. I live in NYC, have excellent credit, no debt, and have been saving for my first property for some time. My plan is to take advantage of the NYC First-Time Homebuyer Program and SONYMA, and I’ve decided that home-hacking is the best strategy for me.

I’ve been looking at properties in Upper Manhattan — particularly Harlem and Washington Heights — as well as parts of Brooklyn, but prices are very high. I’d love to know: where are investors currently focusing in NYC, and is it still realistic to get started here?

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
8mo
Quote from @Yewhna T.:

I’ve been interested in investing in real estate for years, and I’m finally fully committed to making it happen. I live in NYC, have excellent credit, no debt, and have been saving for my first property for some time. My plan is to take advantage of the NYC First-Time Homebuyer Program and SONYMA, and I’ve decided that home-hacking is the best strategy for me.

I’ve been looking at properties in Upper Manhattan — particularly Harlem and Washington Heights — as well as parts of Brooklyn, but prices are very high. I’d love to know: where are investors currently focusing in NYC, and is it still realistic to get started here?


Hello Yewhna and welcome to BiggerPockets!

Making the commitment to invest is a huge first step and is totally necessary. As you mentioned, prices are high in parts of Manhattan and Brooklyn. The same can be said for the other boroughs and surrounding suburbs.

It is still totally realistic to get started but it seems to get more challenging each year due to flattening or decreasing inventory (leading to higher prices).

Uptown is the best option for househacking in Manhattan. If you're looking in Brooklyn, parts of Central and South Brooklyn will give you the most options near or below Brooklyn's median price point. Neighborhoods like Bushwick, Crown Heights, East Flatbush, Remsen Village, Ocean Hill, City Line, are ideal places to search for house hack deals.

If you're open to Queens, neighborhoods like Glendale and Ridgewood are close to Brooklyn and have plenty of small multi-family options for beginner investors.

Lastly, the Bronx is the ONLY NYC Metro area county with a year over year increase in inventory (nearly 15% more inventory YOY) when comparing '24-'25. Entry point for small multifamily properties in the Bronx are about $100-150K lower than Brooklyn/Queens and $200K+ lower than Manhattan.

All the best!

Abel

REbuild Team - eXp Realty5234 Reviews
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  • Rosemary Ramos
    Member since 2026 · 7 posts · 0 votes
    8mo

    Hello! Congratulations! I would Love to help you. 

    0Reply
  • Yewhna T.
    OP
    New to Real Estate · NY, NY · Member since 2026 · 3 posts · 3 votes
    8mo

    Hi! Great to meet you. Are you based in NYC?

    0Reply
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    8mo
    Quote from @Yewhna T.:

    I’ve been interested in investing in real estate for years, and I’m finally fully committed to making it happen. I live in NYC, have excellent credit, no debt, and have been saving for my first property for some time. My plan is to take advantage of the NYC First-Time Homebuyer Program and SONYMA, and I’ve decided that home-hacking is the best strategy for me.

    I’ve been looking at properties in Upper Manhattan — particularly Harlem and Washington Heights — as well as parts of Brooklyn, but prices are very high. I’d love to know: where are investors currently focusing in NYC, and is it still realistic to get started here?


    Hello Yewhna and welcome to BiggerPockets!

    Making the commitment to invest is a huge first step and is totally necessary. As you mentioned, prices are high in parts of Manhattan and Brooklyn. The same can be said for the other boroughs and surrounding suburbs.

    It is still totally realistic to get started but it seems to get more challenging each year due to flattening or decreasing inventory (leading to higher prices).

    Uptown is the best option for househacking in Manhattan. If you're looking in Brooklyn, parts of Central and South Brooklyn will give you the most options near or below Brooklyn's median price point. Neighborhoods like Bushwick, Crown Heights, East Flatbush, Remsen Village, Ocean Hill, City Line, are ideal places to search for house hack deals.

    If you're open to Queens, neighborhoods like Glendale and Ridgewood are close to Brooklyn and have plenty of small multi-family options for beginner investors.

    Lastly, the Bronx is the ONLY NYC Metro area county with a year over year increase in inventory (nearly 15% more inventory YOY) when comparing '24-'25. Entry point for small multifamily properties in the Bronx are about $100-150K lower than Brooklyn/Queens and $200K+ lower than Manhattan.

    All the best!

    Abel

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    2Reply
  • Sean GrahamBusiness Member
    Investor , CPA · Detroit, MI · Member since 2016 · 586 posts · 249 votes
    8mo

    Welcome aboard, @Yewhna T.. NYC is tough, but still doable if you stay owner-occupied and focus on neighborhoods where the numbers work, not just the zip code. You're just in the right place to learn what’s working right now in NYC.

    Maven Cost Segregation Tax Advisors554 Reviews
    WebsiteView Page
    1Reply
  • Account Closed
    Developer · Brooklyn NY · Member since 2019 · 69 posts · 91 votes
    8mo

    Yewhna,

    Congratulations on putting yourself in position to make your first NYC purchase.  I know the  prices can seem intimidating, but you have to keep in mind the type of rents you'll be getting.  I've always tried to stretch myself to invest in the best areas of Brooklyn and have had over 20 years of dream tenants.  I would also consider a condo as there are some relative deals to be had due to oversupply.  Also, for your first investment property, it might be helpful to not worry about the trash, snow removal, etc.  Feel free to message me if you have any specific questions or if I can help in any way, best of luck in your search!

    Eric

    0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    8mo

    Hi Yewhna,

    Is it realistic to start in NYC? Yes but it usually requires one or more of these: being patient, being creative with financing, expanding your geographic box just a bit, or being willing to add value instead of buying something turnkey.

    I think a better question to start with is: which locations work best for your budget, risk tolerance, and lifestyle goals? Every investor is different, and “hot” areas don’t always translate into the best fit for your situation. A neighborhood that’s super active for one person might stretch someone else’s budget, feel too speculative, or not match their house-hack plans at all.

    I'm a real estate broker based out here in NYC and Long Island, and I work with a lot of first-time house hackers. Happy to connect if you want a sounding board while you’re figuring things out.

    0Reply
  • Lydia Winn
    Member since 2025 · 91 posts · 55 votes
    8mo

    @Yewhna T. It is great to see you starting this journey. I closed on a house-hack in Astoria on 9/30/25, and I was genuinely surprised by my purchasing power; the bank offered a much higher lending limit than I expected. This strategy definitely expands your options. Have you gone through the pre-approval process?

    0Reply
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