Can a Bricklayer Afford a Home in NYC?

Often, the common belief is that a bricklayer living in New York City (NYC) will find it impossible to purchase a home in what is considered the proper NYC area. This belief is commonly based on the assumption that the city is just too expensive. Is this really accurate? Let's delve into the details.

Understanding the Claim

The claim that a bricklayer cannot afford a home in proper NYC is a broad assertion. In reality, the affordability of a home in NYC can vary significantly based on the bricklayer's creditworthiness, occupation, and wages.

Bad Credit or Off-the-Books Employment

If a bricklayer has poor credit or makes money off the books, securing a mortgage or apartment will be a significant challenge. Such individuals are less likely to meet the stringent requirements imposed by real estate lenders, regardless of their profession. On the other hand, if the bricklayer is part of a union and has good credit, they can indeed afford to purchase a home in NYC.

Where Bricklayers Can Afford to Buy a Home in NYC

Even for those with good credit, affordable homes tend to be somewhat distant from subway stations. This is because the closer a property is to public transportation, the higher its value. However, with low mortgage interest rates, now might be a good time to explore the availability of affordable homes.

Recommended Areas for Bricklayers to Consider

Two promising areas for bricklayers to look into are the north Bronx and Queens, particularly between Jamaica and JFK Airport. These regions offer more affordable housing options and are still relatively convenient for work.

Challenges in the Housing Market

Housing in NYC is almost exclusively unaffordable for all but the highest-income earners. This is due to a combination of high property prices, taxes, and the overall cost of living. Even Alexandria Ocasio-Cortez's (AOC) own mother had to relocate to Florida due to the high taxes and prices in NYC, which are not affordable for her on a fixed income.

Real Estate Lenders’ Perspective

Real estate lenders are generally more interested in a person's periodic income than their profession. This means that an unemployed dentist or an unemployed police officer would face similar challenges as a bricklayer in securing a mortgage. Therefore, having a steady and reliable income is crucial for securing a home loan.

For bricklayers looking to purchase a home in NYC, it is essential to have a good credit score and a stable income. Union membership and access to homebuyer education programs can also make the process easier. Additionally, exploring neighborhoods with less expensive properties, such as the north Bronx or areas in Queens, can provide more affordable options.

While the idea of a bricklayer being unable to own a home in NYC might seem daunting, with the right approach and resources, it is possible to find affordable housing in the city.