The 10 Most Affordable Places to Live in NYC
By: ROS Team
New York City has seen a spike in home prices over the last decade. Neighborhoods in NYC, especially those located in Manhattan and Brooklyn, now have a median sales price of $1 million or more. Even homes not in the city center now have median sales prices around or just below the $500,000 mark.
Although affordability is relative, we have compiled a list of the most affordable places to live in NYC.
The BRONX
1. 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.
2. 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.
BROOKLYN
3. Bath Beach
Median Monthly Rent: $2,300
Median Home Price: $715,000
Bath Beach offers breathtaking views of Lower Bay and is perfect for anyone who likes to take in the local sights. Bath Beach is a historic neighborhood and has well-maintained row houses and single family homes. The community is also very diverse. The waterfront properties are particularly popular among Bath Beach residents. The crime rate is 56%, which is lower than the national average.
Bath Beach is the perfect place to live for those looking to move out of the city and into a more family friendly area. The neighborhood is known for its excellent schools and affordable housing.
4. 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.
MANHATTAN
5. 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.
6. 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
7. 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.
8. Jackson Heights
Median Monthly Rent: $2,500
Median Home Price: $610,000
Jackson Heights is an older neighborhood but it has beautiful houses and a good mix of private and co-op gardens. The neighborhood is near train stations, making it a well-connected neighborhood to the rest of NYC. Jackson Heights is also close to LaGuardia Airport. The neighborhood has a diverse community and a large population. If you are more into quiet living spaces with authentic ethnic cuisine options, Jackson Heights is for you.
STATEN ISLAND
9. Annadale
Median Monthly Rent: $1,250
Median Home Price: $619,900
Annadale is a cozy place on Staten Island and is among the most affordable neighborhoods in NYC. If you want to live within commuting distance of Manhattan but away from the noise of the city, Annadale is an ideal place to call your home. The area doesn’t have much to offer in terms of nightlife and dining, but you will be able to enjoy wildlife and excellent views of nature. The neighborhood is perfect for families.
10. Bay Terrace
Median Monthly Rent: $1,250
Median Home Price: $619,900
Bay Terrace is located between Oakwood and Great Kills. This is a small, quiet neighborhood, and one of the cheaper neighborhoods in NYC. It is the home to Staten Island Railway, which connects to St. George Ferry Terminal and runs through the neighborhood, making it a perfect choice for college students. The downside of the area is that it lacks dining and shopping options, but the neighborhood is near Great Kills Park, which is a major perk.
Final Words
There is a reason why people adore NYC–the city has a lot to offer its residents. NYC is a city of big dreams and ample opportunities.
NYC has a reputation for being expensive, but that does not mean that there are no cheaper neighborhoods in NYC. As you can see, there are lots of options when it comes to affordable places to live in the city.
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