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.
#The 50 Most Affordable Neighborhoods in NYC
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.
#Parkchester is the Most Affordable Neighborhood in NYC
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 is the Most Affordable Neighborhood in Queens
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.
#Staten Island is home to 17 of NYC's Most Affordable Neighborhoods
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.
#The Most Affordable Neighborhood in Manhattan is Fort George
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.
#Coney Island and Brighton Beach are the Most Affordable Neighborhoods in Brooklyn, NY
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.
#The Bronx is NYC's Most Affordable Borough
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.