Should you buy a home in NYC in 2020？

It’s complicated.

By Amy Plitt

New York is, by and large, a city of renters, with more than two-thirds of its residents choosing to rent their homes rather than buy. (If you count yourself among this often transient class, find all the advice you need on renting this way.)

Why do so many people rent? The barriers to entry for homebuying in New York City are, for many people, impossibly high: Home prices have doubled since 2010, with the median price of a Manhattan apartment pushing the $1 million mark; for the city as a whole, the median is close to $700,000. The median income, meanwhile, hovers around $60,000, and if you don’t already have enough cash saved up for a down payment, you might be out of luck.

Still, there are some people for whom buying isn’t a pipe dream—and if you’re one of them, you might be wondering if 2020 is the year to upgrade your abode or, for first-time buyers, take the plunge and become a New York City homeowner. It’s a deeply personal choice, and one that’s dependent on many factors: your personal finances, future plans, the state of the market (currently friendly to buyers), what’s happening in the political realm (not so friendly for buyers, apparently), and more.

There are other factors to consider as well. If you’re looking in a neighborhood that’s more affordable—that is, far away from Manhattan’s core—you might also be worried about contributing to the displacement of entrenched communities, whose residents may not be able to keep pace with the ever-rising cost of living in New York City. (To wit: Prices in Brooklyn’s Bedford-Stuyvesant, a historically black neighborhood, rose by more than 150 percent between 2010 and 2019, fueled by waves of gentrification and investors snapping up and renovating the area’s historic housing stock.)

But if you’re still thinking about ponying up for your own piece of New York City, the good news is that it’s a very buyer-friendly market right now. We surveyed real estate experts to find out whether 2020 is a good year to buy a home in the five boroughs—and as always when it comes to New York real estate, the answer is complicated.

We collected the responses below before the outbreak of novel coronavirus in the U.S. How might its spread impact the housing market this year? Read this.

Tracie Golding（REAL ESTATE AGENT, COMPASS）
Just like on Wall Street, nobody can perfectly time the market. Twenty-twenty is an election year, which typically comes with some hesitation from buyers, but this year may be different. There is an unusual convergence of factors: Interest rates remain historically low, sellers are becoming more realistic with pricing, and inventory is still relatively healthy even with the surplus in new development product. Tax changes on a local and national level have actually pushed prices downward to compensate, beckoning more buyers to the market. Those wanting to purchase a home have more options right now than in many years prior, so they can afford to take their time and seek out something special. Under these very unusual circumstances, 2020 is a great time to buy a home in NYC. Properties that are priced right are still moving, and savvy buyers will continue to find opportunities.

Wendy Arriz（REAL ESTATE AGENT, WARBURG REALTY）
There hasn’t been a better time to be a homebuyer in NYC in over a decade than in 2020. Why? The perfect storm of excess inventory in the new development market, low mortgage rates, and an impending election favors a sure-footed, educated buyer. It simply comes down to “supply and demand”—there is an excess supply and a diminished demand. Compound this dynamic with the impending election in the second half of the year, and the savvy buyer could find the deal of a lifetime.