Over the past ten years, property prices in New York City have increased. NYC neighborhoods with a median sales price of $1 million or more are becoming particularly popular, notably those in Manhattan and Brooklyn. Even residences outside of the city center are currently selling for median sales prices that are close to or less than $500,000.
We’ve put together a list of the most reasonably priced neighborhoods in New York City, even though cost is relative.
The BRONX
City Island
Median Monthly Rent: $2,625
Median Home Price: $470,000
City Island is located in Long Island, just off the coast of the Bronx borough. Even though it’s just upriver from Manhattan, the neighborhood has a small-town charm. There are less than 5,000 residents on City Island, and the crime rate is 65%, which is lower than the national average, making it one of the safest neighborhoods in the NYC area. City Island is perfect for families and retirees because the neighborhood has good schools and lots of great dining and entertainment options. City Island locals are tight-knit, which can also be appealing.
Country Club
Median Monthly Rent: $2,850
Median Home Price: $505,000
Country Club is adored by its residents for its low-key suburban lifestyle. The downside could be that it lacks the diverse shopping and dining of other neighborhoods, but you can always tap into the stores and restaurants in nearby neighborhoods.
You will find all types of housing in the Country Club. The neighborhood is close to Pelham Bay Park and Eastchester Bay, and the crime rate is 18%, a lot lower than the national average. Country Club is not only perfect for families and retirees but also professionals since it’s not far from the I-95 highway.
Bay Ridge
Median Monthly Rent: $2,300
Median Home Price: $844,500
Bay Ridge is a small town located in a big city–it’s a neighborhood that has beautiful row houses and is also one of the most affordable places to live in NYC. There are a few Colonial-style homes and plenty of apartment complexes. Residents have lots of opportunities to socialize at neighborhood parades and festivals. The neighborhood is dotted with restaurants that offer diverse cuisine and quaint cafes. You will also find amazing local bars and pubs. The neighborhood is a great place for professionals, college students, families, and retirees.
Also Read: These are 7 Best Mark Cuban Money Lessons That You Should Know
MANHATTAN
East Village
Median Monthly Rent: $3,045
Median Home Price: $1.8 million
If you are looking for a Greenwich Village type of feeling without the hustle and bustle that goes along with it, the East Village is for you. The neighborhood extends along the East River, between Houston and 14th Streets. You are likely to find all sorts of hidden gems in this neighborhood, ranging from antique and thrift shops to cafes and restaurants. You name it, and you will have it in the East Village. At night, the neighborhood comes alive–the area’s bar scene and local dive bars are popular among locals for social gatherings and meetups.
Harlem
Median Monthly Rent: $2,050
Median Home Price: $736,000
Harlem is a historic neighborhood that stretches from 96th Street to 155th Street, between the Hudson and East Rivers. The neighborhood is known for its contributions to New York’s arts and culture. It boasts a much slower-paced atmosphere than Manhattan and is a great place for anyone looking to settle down and raise a family. The homes in Harlem are spacious, the community is friendly, and the rents are cheap.
QUEENS
Astoria
Median Monthly Rent: $2,250
Median Home Price: $662,500
Astoria is not only affordable, but you will get more square footage for your buck. Although many of the condos, apartments, and single-family homes in this neighborhood might not have fancy interiors, there is no shortage of housing options. The neighborhood has family-friendly parks like the Robert F. Kennedy Bridge and Astoria Park and is a great fit for singles, families, and professionals.
