New York City has some of the most serene neighborhoods one can dream of, but it’s important to note that New York City also gets ranked as one of the most expensive cities for real estate acquisition. Despite the considerable difference in price, New York City offers some of the most affordable neighborhoods, which include the following;
1. Park Chester
Parkchester gets ranked among the most affordable places and neighborhoods in New York City, with property sales in the area averaging about $195,000. It is because Parkchester gets located in the larger Bronx county.
Surprisingly, it is the only high-end neighborhood in the entire New York City that comes with an average median sales price of less than $200,000 per property. Parkchester competes with other areas which fall under the median sales price of approximately $225,000, such as Bedford and Bronx.
If you plan to relocate to Queens in the larger New York City, then Lindenwold is the most affordable neighborhood in Queens county. Based on the data for the property sales, the average property price average the property in Lindenwold to cost at about $280,000.
In Lindenwold, there are other equivalent affordable neighborhoods in queen’s county, such as the Briarwood. Briarwood also comes with an average median sales price for the property at approximately below $300,000.
On the other hand, the borough, located in Queens county, has an average sales median price at almost double that of Lindenwold and Brain wood. Therefore, it averages at about $600,000 for a single property making it slightly expensive.
3. Staten Island
It might sound like a hoax, but it’s true, Staten Island is one of the most affordable neighborhoods in the entire New York City. It’s home to about 17 most affordable neighborhoods in the whole of New York City.
One of the most affordable areas in Staten Island is the famous Arlington which comes with an estimated average median sales price of about $300,000. Arlington shares the same prospects with its counterpart, the Riverdale in the Bronx, with similar amenities and price ranges almost the same.
4. Fort George
When it comes to Manhattan, New York, things can become quite expensive, and properties are unfortunately costly here. However, despite this trend, there are a few quite affordable neighborhoods in Manhattan, New York, such as Fort George.
Fort George comes with an approximated median property sales price averaged at about $386,000. Also, the other four areas rank almost the same as Fort George and include Tudor city, Washington Heights, and the Inwoods.
Getting locked out in Brooklyn will cost you an average of about $685,000, as it’s the average median property price in the area. The average price in the Brooklyn area and the entire neighborhood keeps on changing, with the neighborhood becoming quite expensive from how it previously was. Compared to other nearby communities such as Cobble Hill, Brooklyn is still an affordable neighborhood.
Cobble Hill comes with an average median sales price ranging to about $1,640,000, one of the most expensive and the highest median in Manhattan. Surprisingly, despite this massive disparity in price ranges, there are still small pockets of surprises in these areas that are super affordable.
6. Sheepshead Bay
Sheepshead bay is one of the few affordable neighborhoods in New York City, with an average median sales price estimated at #360,000. In the past five years, the Sheepshead Bay price index has been rising with an average price increase of about six percent.
The neighborhood offers a variety of houses to choose from, with the majority of the neighbors considering Condos at 26 percent ,50 percent in co-op sales, and ordinary homes averaging about 24 percent of the entire houses at Sheepshead Bay. The quality of life in this Sheepshead neighborhood is super affordable, with excellent coffee shops.
Flatland is another super affordable neighborhood in Brooklyn and comes with an estimated median sales price of about $398,000. Flatlands has witnessed massive property uptake with an annual increase in property rise to about 17 percent, making it one of the considered neighborhoods in Brooklyn and the entire New York City.
The majority of sales in Flatlands are done through the co-op at 56 percent and average house at around 44 percent. If one is the type of person who loves a quiet neighborhood, Flatlands is the best option for you, and it keeps on attracting people from all walks of life.
8. Coney Island
Coney Island has some pretty average prices as its median sales prices range from $400,000, making it rank on top of the list of the most preferred neighborhoods in Manhattan, New York. It is surprising that as other areas and neighborhoods saw price increases, Coney Island saw a reduction in property prices for the past three years.
The average median sales price for these neighborhoods got reduced by approximately 14 percent. The areas come with a mix of life with a healthy combination of housing types, majorly co-op, condos, and typical houses taking the lion’s share.
9. Jamaica Hills
It’s pretty essential to note that Jamaica hills are one of the most affordable neighborhoods in Queens and the entire New York, with an average median property price at $215,000. In addition, Jamaica Hills offers some of the best social amenities in the neighborhood, and it’s only a 45-minute drive to the famous Grand Central parkway. Approximately 44 percent of the house in Jamaica Hills get housed, while the other 56 percent of the properties are Co-op sales.
10. Highbridge Neighborhood
The average median sales price for the property at Highbridge averages at about $135,000, ranking it as one of the most affordable neighborhoods in New York City. In addition, the areas have steadily seen a rise in median sales, with an increase of about 32 percent from 2019. So despite the area posting struggling figures in property sales for the last year, Highbridge is still the neighborhood to beat when it comes to fair property prices in the larger Manhattan area.