To purchase a house in New York City, first secure a mortgage pre-approval, research neighborhoods aligned with budget and lifestyle, and hire a licensed real estate agent. Analyze co-op or condo requirements, submit offers through competitive bidding processes, complete due diligence including board approvals and inspections, and finalize the transaction with title insurance and closing costs.

The NYC housing market is highly regulated and competitive, with co-ops accounting for 75% of residential purchases due to lower price points and tax advantages. As of 2023, the median home price was $1.1 million, though entry-level condos start at $800,000. First-time buyers face challenges: only 10% purchase homes within five years, partly due to a median household income of $78,000 against average down payment requirements of $200,000. Inventory remains tight, with a 4-month supply, driving up offer prices by 15-20% above asking. Programs like CityFirst offer grants up to $25,000 for low-income buyers. Co-op boards reject 30% of applications due to stringent financial and ethical evaluations, extending closing timelines by 6-12 months. Data from the New York Association of Realtors shows 68% of buyers prioritize subway access, while 52% cite school districts as critical factors.