SoFi Blog

You have to earn the right to call yourself a New Yorker, and one of the ways you can do that is by suffering through the challenge that is finding housing in New York City. It’s a badge of honor you can wear with pride once you do—I mean, New York is one of the only cities in the world where people willingly pay over $1,000 a month for an apartment that has a shower in the kitchen.

But even as one of the most expensive cities in the world, it may make financial sense to buy sooner rather than later in this city. You only need to stay put for three years to make buying in Queens worth the price, four and a half years for Brooklyn, and seven and a half years for Manhattan, according to a study done by StreetEasy.

The desire for space and affordability sends some first-time homebuyers to New Jersey, Long Island, or quaint towns along the Hudson River (all of which still come with steep price tags). But for those committed to staying within the five boroughs, the question remains: Just how the heck do you navigate being a first-time homebuyer in New York City?

Purchasing your first home is really exciting—but it can also be daunting, especially when going it alone. SoFi members aren’t easily intimidated, however. In fact, according to the March 2016 Home Buyer and Seller Generational Trends report, people age 35 and younger continue to be the largest group of home buyers at 35%, and 67% of those buyers are purchasing homes for the first time. With 10% down on loans up to $3 million, SoFi makes it easier than ever before for solo buyers and others to own a home.

With spring home buying season just around the corner, you may be gearing up for a string of weekends spent perusing open houses. Want to get a jump on your search now? If you haven’t settled on the best neighborhood to buy a home, now’s a good time to do some research.

Choosing the right neighborhood is no small feat, especially if you’re relocating long distance to an area that you don’t know well. While a great neighborhood can make your dream home even dreamier, just one bad neighbor or experience could have you thinking twice about how much you love your new digs. So how can you tell if you’re buying a home in your ideal community, or if you’re about to become financially tethered to a situation you’ll soon regret?