To buy an affordable home in New York City with five years of Social Security benefits, prioritize outer-borough neighborhoods, explore first-time homebuyer programs, and consider co-ops or rent-to-own agreements. Leverage down payment assistance grants, such as the NYC Home Is Possible program, which offers up to $5,000 for eligible buyers. Utilize FHA loans with lower credit requirements and 3.5% down payments. Prioritize properties in Brooklyn, Queens, or the Bronx, where median home prices are 30-50% below Manhattan.

Affordable housing strategies in NYC align with regional price disparities and financial incentives. Brooklyn and Queens have median home prices of $1.2 million and $1.1 million respectively, compared to Manhattan’s $3.5 million (NYC Department of Housing Preservation and Development, 2023). Co-ops, which make up 75% of NYC housing, offer lower upfront costs and shared amenities, with median prices in Brooklyn at $1.15 million (NYC Co-Op Housing Association, 2022). The NYC Home Is Possible program reduces closing costs by up to $5,000 for buyers with incomes below $155,000, expanding affordability for Social Security recipients. FHA loans require only 3.5% down payment, feasible with Social Security savings. Additionally, Social Security benefits may qualify for tax credits like the federal Energy Efficiency Tax Credit, further offsetting costs. These factors collectively lower barriers for buyers with stable Social Security income.