New York city is a destination that has a little bit for everyone. People flock from every corner of the world to experience the bright lights of NYC. Real estate prices are so high in NYC that most of the population finds themselves renting apartments or flats. According to statistics in the spring of 2018, NYC ranks second (after San Francisco) for highest real estate prices in the country.
Prices are extremely high, so it would be smart to target an area of neighborhood that’s prices match what your budget is. They say that approximately ⅓ of your annual income should be used toward your housing budget. The median prices for 1 bed apartments is $2900 and 2 bed apartments are usually more in the $4000 per month range.
Comparison of rentals in the neighborhoods of New York by the end of 2017
New York’s apartment prices are always fluctuating. They are based on the different sizes of the rooms – studio, one-bedroom, one-bedroom and two-bedroom apartments.
Average price in Manhattan
- Studio: $ 2.55
● 1-bedroom apartment: $ 3,100
● 2-room: $ 3,662
● Two-Bedroom: $ 4,950
It is no surprise to anyone that the highest prices are in Manhattan. There the standard of living could not compare to any other neighborhood in New York. However, it may be better to look for housing in this area if your child’s work, school or kindergarten is located there.
Average price in Brooklyn
- Studio: $ 2,550
● 1-bedroom apartment: $ 2,400
● 2-room: $ 2,662
● 3-room: $ 3,000
Brooklyn is a preferred destination and place to live by many people. As you can see from the average data, you can only add $ 100 – 300 and get one more room. The studio is a bit more expensive than one-room flats, probably due to the comforts offered and perhaps to the more luxurious buildings. 3-bedroom and 2-bedroom apartments have almost identical average rates with Queens. If you are looking for this type, consider which area will provide you with what you need to load and consider transportation.
Average price in Queens
- Studio: $ 2,175
● 1-bedroom apartment: $ 2,100
● 2-room: $ 2,600
● 3-room: $ 2,999
The average price in Queens overlaps with that in Brooklyn, with a more significant difference between the studio and the one-room apartments. If you are looking for such a home, head to Queens to save approximately $ 300 per month. For 3-room apartments, $3,000 and under is a bearable rental cost in New York. The area could provide you with everything you need to live in normal conditions.
Average price in the Bronx
- Studio: $ 1,450
● 1-bedroom apartment: $ 1600
● 2-room: $ 1,997
● 3-room: $ 2,500
The Bronx, definitely, would be the best investment of all of the New York Neighborhoods. If This location suits you then this is definitely the way to go! You could provide your family with a space in which to feel comfortable, as a 3-room apartment has an average rental price of $ 2,500.
On the other hand, if you are looking for a home alone, you could live for just $ 1,400 a month. This is an amount that many would say is completely doable.
In which neighborhood should you choose to live?
Price is the driving force for choosing which neighborhood to live in can sometimes be mostly about price, but there are quite a few other factors that you should consider before deciding where to live in the Big Apple. Did you get acquainted with the guide prices for the different types of neighborhoods in the New York area by the end of 2017? It is now time to pay attention to the current situation and some other criteria. Construction around the city is always creating new infrastructure and changing the dynamic and demographic of many of these areas.
Manhattan
Manhattan is a neighborhood in New York, but could be a separate city. Manhattan is considered by many as the fanciest borough in New York. It is home to 50Million + homes and often where most of the celebrities, actors, and fashion models decide to take up residence.
The average monthly rental of apartments in Manhattan often can cost you a pretty penny, and purchasing a home or apartment is reserved for the very wealthy. Rents vary in different parts of the neighborhood because it is huge. Soho and Chelsea scored the highest jumps, namely 9% and 8%, as opposed to Gramercy Park’s downward trend, which saw a 7% drop.
The highest single-room rate is in the following order:
- Tribeca at $ 4,000
- Soho at $ 3,800
- Chelsea at $ 3,700.
If these numbers are scary or look undoable for you, you are probably headed to another area in New York! In the upper part of the neighborhood, as well as in Washington Heights, you will on average hire a bedroom for $ 1,850, West Harlem $ 2,150, Central Harlem $ 2,300 and East Harlem for $ 2,395.
Brooklyn
Brooklyn is HUGE! It is considered to be one of the most densely populated neighborhoods, but at the same time you can find a peaceful place for both families and the younger demographic. Many families prefer to move to Brooklyn, because there’s everything their kids need – lots of kids activities, Prospect Park Children’s Museum and Zoo. On the other hand, there are young professionals in the field of creativity, as well as many entrepreneurs. Life in Brooklyn is much easier, and the bills are much lower.
In the past, Brooklyn, had a reputation for a dangerous neighborhood, but now this myth is just a memory. Anyone who moved to the neighborhood for one reason or another feels comfortable from the start. You can search in all, approximately ten districts, to find the dwelling that you will like and will be at a reasonable price. Each corner has its own charm and distinctive features. This type of survey would be most effective, and most of the properties are priced at prices. The most noticeable increase in rents is observed in Crown Heights and Brownsville by up to 10%, while in the opposite direction the Borough Park earns 14% and Prospect Heights by 8%. The most expensive neighborhoods range from $ 3,000 to about $ 4,000, and the lowest you can find under $ 2,000. Among the highest rents are Owlet Hill ($ 3,800), Dumbo ($ 3,700) and Downtown Brooklyn ($ 3,200), and among the lowest Greenwood Heights, Kensington and Flatbush. In Canarsie you could find a bedroom for $ 1,500 a month.
Queens
Queens is one of the New York areas that is famous as a world food destination, which suggests that there is something to try if you are a fan of food (actually who is not?). There is a plethora of international food that can satisfy just about anyone’s palat. If you visit the neighborhood, there is something to see. Go to Flushing Park Lidous Corona (4th largest park in New York), see Unisphere (World’s Largest Stainless Steel Structure), Louis Armstrong House. Take a stroll along the Queens Jazz Trail and see the remarkable Queens Giant Tree, located in Alley Pond, the Queens Museum, and consume some beers at one of the breweries.
In Queens, rental rates also vary in different parts. The model is similar to Brooklyn, and depends mainly on the number of rooms, furnishings and location. You can find a dwelling in a newer building or older building. The average rental price for three bedrooms in Queens is just under $ 3000, which is far more profitable than a one-bedroom apartment that is about $ 2,100. Astoria is one of the places where you can find a room at reasonable prices. The average rental price for a bedroom is about $ 2,100, but it is also possible to belower. The area attracts new people because of the variety of food and the quick trip to Midtown. There is also plenty of fun to be had in Queens!
Bronx
Bronx is an administrative district in New York, which is known as the birthplace of hip-hop. The Grand Concourse, also known as the Bronx Park Avenue, features the largest collection of art deco buildings in America. It was created after the Champs-Elysées in Paris. The Bronx has a beach that allows you not to leave the neighborhood to unwind at right by the water. It is well-visited during the summer, both for a beachfront and for a walk along the promenade. This area will charge you full of positive emotions. If you are one of the people who adore nature and greenery, the Bronx is your place. The neighborhood is famous for its park space, which occupies 25% of the area. Pelham Bay Park, located in the Bronx, is New York’s largest park.
The Bronx has been known for it’s hustle and bustle. This means that you will always be around activities and people in the street. You will live in a much quieter setting from Manhattan or Brooklyn, if your work is in the vicinity. Trends in recent years, however, show that interest in this neighborhood is rising. The main factor may be lower housing costs, but that does not mean you can not live in a very good environment. The most significant rise in prices in recent months is 21% in Port Morris and 13% in Foxhurst. However, the range varies in relatively low margins – Port Morris $ 1,700 and Mott Haven $ 1,640. A drop of 11% was observed in Morrisania. The Bronx has a little bit of something for everyone.
