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.
it would take 200 years for the average family to afford a Manhattan condo. So let’s pull down Manhattan.
What I really would like to know is where all the money is coming from to invest in such large developments. What percentage is American investors vs foreign investment? How many subsidies are they getting for creating such large developments (if any)? The other thing I would like to know is what is the occupancy rate of these units? What percentage of these units are part of foreign investors skepticism/ inflation value?
What a ridiculous statistic. Most of the housing in LIC is fairly new and was constructed for people who earn above average salaries.
There are and there always will be places in Queens where someone can own a nice home for far less money than in LIC.
I’m sorry that people on this news site so resent the fact that people are moving into the neighborhood who might earn more than they do.
BS – only the rich can afford, and that means those that earn over $100,000 a year. So glad they’re offering more affordable housing for those that earn $100,000 a year, rather than those that earn $40,000, since anyone who earns $40,000 a year obviously does not need help….
Sounds like the ‘typical Queens household’ had better adapt or find somewhere else to live.