Nov. 18, 2019 By Allie Griffin
It would take the standard Queens household nearly two decades to save up for a down payment to buy a condo at median price in Long Island City, according to a new study.
Based on Queens household income data, it would take the median income-earning Queens household about 18 years to come up with a 20 percent down payment for a median-priced condo in LIC, according to a recent study released by Property Club.
The 18-year down payment is based on the 2018 median household income in Queens of $69,320, according to Core NYC data. The study assumes that a household is spending no more than 30 percent on housing costs while saving for a deposit.
Long Island City is currently undergoing massive development and is also climbing up the ranks of the most expensive condos in the city, Property Club states.
The median price of a condo in Long Island City so far this year is $1,037,500, according to the study.
Following Long Island City, the most expensive Queens condos are in Forest Hills, Elmhurst, Astoria, Douglaston and Rego Park consecutively.
It would take the median Queens household 15 years to afford a down payment in Forest Hills, 13 years to afford one in Elmhurst and 12 years to afford ones in Astoria, Douglaston and Rego Park.