This is part 2 in a series on the NYC Real Estate Market. For NYC's Most Expensive Neighborhoods, check out last week's study.
Below, you'll find our list of the most affordable neighborhoods in NYC, based on property sales from Jan 1 2020 through Dec 31, 2020. Key Findings include the following:
- Parkchester is the most affordable neighborhood in NYC, with a median sales price of $195,000.
- 15 of the most affordable NYC neighborhoods are in Queens, including Lindenwood, the 3rd most affordable in the city.
- 17 Staten Island neighborhoods made our list, the most affordable of which was Arlington, with a median sales price of $330,000.
- The most affordable neighborhoods in Manhattan are Fort George, Inwood, Tudor City, and Washington Heights.
- Only 2 Brooklyn neighborhoods are amongst the most affordable in NYC. They are Brighton Beach and Coney Island.
- The most affordable borough in NYC is the Bronx, where median sales prices are $519,000. Citywide, the median sales price is $700,000.
With a median sales price of $195,000, Parkchester in the Bronx is the most affordable neighborhood in NYC. Parkchester is also the only neighborhood in NYC where median sales prices were below $200,000.
The second most affordable neighborhood in NYC is Bedford Park, Bronx, where median sales prices are $225,000.
Lindenwood, Queens is the third most affordable neighborhood in NYC, with a median sales price of $280,000. Lindenwood and Briarwood (the 5th most affordable neighborhood), were the only neighborhoods in Queens where median sales prices are under $300k.
Borough-wide, the median sales price in Queens is $605,000.
Even though it's only home to 1 of the 10 most affordable neighborhoods in NYC, Staten Island is home to more affordable neighborhoods than any other borough. The most affordable neighborhood in Staten Island is Arlington, which with a median sales price of $330,000 was tied for 10th along with Riverdale, Bronx.
Fort George is the most affordable neighborhood in Manhattan, with a median sales price of $386,000. It's one of 4 Manhattan neighborhoods to make the list, along with Inwood, Tudor City, and Washington Heights.
Only 2 neighborhoods in Brooklyn made our list. The most affordable Brooklyn neighborhood was Coney Island, which came in at 31st, with median sales prices of $440,000. Meanwhile, Brighton Beach just made the list at 49th, with a median sales price of $506,000.
With a median sales price of $519,000, the Bronx is the most affordable borough in NYC. Citywide, the median sales price is $700,000, with the Bronx, Staten Island, and Queens being the most affordable boroughs, and Brooklyn and Manhattan being the most expensive.
|Borough||Median Sales Price|
Methodology: We looked at all recorded closed sales for residential property in NYC throughout 2020. Only neighborhoods with at least 10 sales are included on the list.