To buy a house and establish residency in New York City, follow these steps: secure pre-qualification, research neighborhoods and property types (co-ops, condos, or single-family homes), submit an offer with proper documentation, navigate co-op board approvals if applicable, close the transaction, and prove residency through voter registration, tax filings, or a lease. Residency is confirmed once the city confirms intent through documentation.

The NYC real estate market is complex due to high demand, unique property structures, and residency rules. Co-ops, which make up 75% of NYC housing, require stringent board approvals and financial disclosures, increasing purchase timelines. The median home price in NYC was $1.1 million in 2023, reflecting affordability challenges for first-time buyers. Residency requires demonstrating intent, such as voting, filing NYC taxes, or securing a lease, as the city prioritizes permanent residents over temporary visitors. Transfer taxes range from 1-2.625% of the sale price, while co-op closing costs can exceed $50,000 due to legal and board fees. The NYC Homebuyers Plan offers tax credits for first-time buyers, reducing effective purchase prices by up to $20,000. Establishing residency early ensures eligibility for these incentives and avoids complications during property transfers. Data from the NYC Department of Housing Preservation and Development shows that 60% of buyers face delays due to co-op board processes, underscoring the need for meticulous preparation. Ultimately, combining financial readiness with understanding NYC-specific regulations streamlines both homebuying and residency establishment.