The process of searching for a new home can be stressful even for the most seasoned buyers. That stress is often amplified in New York City. Whether you are moving from across the city or across the country, it is easy to become lost in the many options and areas available. From safety, to affordability, to potential re-sale value, there are many factors to consider when buying a new home. Whether you're searching for a suburban lifestyle in the midst of the city or a condo near the water, each of these communities offers something different.
While many neighborhoods seem similar on the surface, they offer diverse options when it comes to prices, safety, accessibility, schools and countless other factors. While each of these options offers something different to their residents, one of them may be just perfect for you! These neighborhoods are ranked based on home price affordability, appreciation rates and median home values. Here are the best five places to buy real estate in New York City.
- 1. East Harlem, New York
East Harlem is an area rich with culture, history and art. With many locally owned businesses, East Harlem offers a sense of community to its residents. Home prices in East Harlem are affordable in comparison to other areas in NYC. The area itself is filled with a sense of growth, which makes it a great place to buy real estate in terms of resale. There are also many things to do in the area. Central Park is easily accessible and there are museums, antique shops, restaurants, and many other fun activities within walking distance. Like many areas in New York City, most residents commute to work by public transportation or by car with public transportation being readily accessible. East Harlem is a great place to live for individuals who enjoy getting out and experiencing local amenities.
- 2. Howland Hook, New York
If you're looking for a suburban feel while remaining close to the city, Howland Hook may be the perfect place to put down roots! Howland Hook is a relatively small neighborhood located on Staten Island. It offers a suburban living experience in the midst of the city. Most residents in this area own their homes, and there are many coffee shops and parks nearby. In addition to the friendly neighborhood feel, home prices in this area are lower than average in NYC and public transportation is readily available for a simple commute to work. Howland Hook is the perfect area for those looking to buy in a quiet area with a suburban feel, while remaining close to Manhattan.
- 3. Flatbush, New York
Flatbush is a Brooklyn neighborhood located on the southern border of Prospect Park. It is a quiet, residential area with a diverse mix of cultures and cuisines. The architecture in Flatbush ranges from brick town homes to larger, Victorian style homes. The cost of living in Flatbush is about 17% lower than New York, making it an affordable place to shop for real estate There are many amenities in Flatbush with Prospect Park being the largest. The area is also close to many fitness centers, coffee shops and department stores. While there are not any schools in Flatbush, there are many well-ranked schools in close proximity to the neighborhood.
- 4. Hunts Point, New York
As its name implies, Hunts Point is located on a peninsula in the South Bronx. It is another great place to consider buying real estate. Hunts Point is home to one of the largest food distribution centers in the world, making it a diverse, industrial neighborhood. It is home to around 12,000 residents. It has been known to be an affordable area, with a great return on investment. The median home price in Hunts Point is $73,592, making it incredibly inexpensive compared to other communities in New York. There are numerous amenities and parks nearby, and great accessibility to transportation.
- 5. Mott Haven, New York
Like Hunts Point, Mott Haven is also located in the South Bronx. With the cost of living being 7% lower than the New York average, real estate prices in Mott Haven are also similar to those of Hunts Point. This area is in the middle of a development boom, making it a great place to buy when considering resale value. One can find affordable apartments in Mott Haven, but there are also waterfront developments and luxury condos popping up. Its close proximity to the waterfront is one of the many things that makes Mott Haven a desirable place to live.