What are the best neighborhoods to buy a home in New York City?
New York City is comprised of a multitude of neighborhoods spread across five main boroughs: Manhattan, Queens, Staten Island, Brooklyn and The Bronx.
Manhattan is the most densely populated borough and is considered an economic and cultural hub. Approximately 1.6 million people live here, and it’s one of the hottest areas to live in the city. As a result, real estate in Manhattan is far from cheap. Condos and luxury apartments are a big feature of life here — and they come with a high cost of living. However, the Harlem neighborhood of Manhattan usually offers more budget-friendly housing options.
Queens is one of the most ethnically diverse urban areas in the world. JFK and LaGuardia airports can both be found here, and it’s also home to the New York Mets baseball team and the U.S. Open tennis tournament. Queens has a varied housing market, offering apartment buildings in dense urban areas, along with single family homes in sparsely populated districts. Generally speaking, it offers more reasonably priced housing options than Manhattan or Brooklyn.
Not only is Brooklyn the most populous borough in New York City, but it’s also one of the most expensive places to live in the United States. The local housing market is vigorous. Brooklyn prides itself on its myriad of museums, parks and other entertainment options, which is why many choose to come here. In particular, the borough is famous for its brownstone properties — terraced houses that often feature small gardens.
The southern-most borough of the five also has the smallest population. Staten Island is known for its suburban vibes and family neighborhood ambiance. But it’s also home to a number of young people who flock here to take advantage of the budget-friendly rentals and improved lifestyle options. In addition to affordable rentals, there are many detached properties. Plus, the development of waterfront neighborhoods has added to the available real estate options, as well as to the area’s appeal.
One of the most vibrant boroughs, The Bronx is home to The Bronx Zoo and the New York Yankees’ stadium. And, because of the great diversity, the borough is known for having both areas with a low cost of living, as well as more expensive neighborhoods with owner-occupied properties. In the past few years, The Bronx has experienced some gentrification, with investors becoming more interested in the area’s real estate.