You are reading

It would Take a Typical Queens Household 18 Years to Afford a LIC Condo: Study

(Lucas Klappas via Flickr)

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.

email the author: [email protected]

5 Comments

Click for Comments 
geo

it would take 200 years for the average family to afford a Manhattan condo. So let’s pull down Manhattan.

Reply
So many questions?!

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?

Reply
your_neighbor

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.

7
1
Reply
Gerald

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….

4
3
Reply
Let'sBeBlunt

Sounds like the ‘typical Queens household’ had better adapt or find somewhere else to live.

11
2
Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Gunman who fired shots at the Ravenswood Houses in Long Island City remains at large: NYPD

Police from the 114th Precinct in Astoria and PSA 9 are continuing their search for a gunman who allegedly opened fire at the Ravenswood Houses in Long Island City last month.

The incident occurred during the early morning hours of Wednesday, Jan. 18, when officers responded to a 911 call and a ShotSpotter activation for multiple shots fired at 21-25 35 Ave. at the Ravenswood Houses NYCHA complex just after 2 a.m., according to authorities.

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Long Island City teen sentenced in fatal shooting of ‘beloved’ school teacher at Queensbridge Houses in 2020: DA

A Long Island City man on Friday, Jan. 28, was sentenced to 19 years in prison for the 2020 fatal shooting of a public school social studies teacher who was out walking his dog when he was caught in the crossfire during a confrontation between gang rivals in broad daylight, just blocks from his home, according to Queens District Attorney’s office.

Ike Ford, 19, of 12th Street, in Long Island City, pleaded guilty to manslaughter in the first degree before Queens Supreme Court Justice Kenneth Holder. The teacher, George Rosa, 53, was shot in his abdomen by a stray bullet fired by Ford, who was just 17 years old at the time of the shooting but was sentenced as an adult given the severity of the crime, according to Queens District Attorney Melinda Katz.