Most affordable neighborhoods in New York City

A recent MReport article discusses the affordability in New York City. According to a survey conducted by PropertyClubs, the Bronx is considered the more affordable neighborhood. The survey revealed that three Bronx neighborhoods, Parkchester, Bedford Park, and Fieldston, all have median home prices under $300,000. There are two neighborhoods in Queens that also have median prices under $300,000. Parkchester is deemed the most affordable neighborhood in the big apple. It is the only neighborhood in the city where median home prices came in below $200,000. The second more affordable neighborhood is Bedford Park. Median sales prices are roughly $225,000. Overall, the median sales price in the Bronx borough is $519,000. This makes the Bronx the most affordable area of NYC. Queens is also considered to be an affordable borough in NYC. The third most affordable neighborhood is Lindenwood, which is located in Queens. Additionally, the fifth most affordable neighborhood, Briarwood, is in Queens. These two neighborhoods were the only ones in Queens with a median home price below $300,000. Overall, the median sales price in Queens is $605,000. Brooklyn and Manhattan are the most expensive boroughs. Citywide, the median home sales price is $700,000.

WHAT ELSE DID THEY FIND?

Four more neighborhoods in the Bronx have made it on PropertyClub’s top ten list of affordable neighborhoods in NYC. These neighborhoods are: Soundview, North Riverdale, Spuyten Devil, and Riverdale. Glen Oaks, a neighborhood in Queens, also made the list. Additionally, 15 more neighborhoods in the Bronx and Queens are on the overall list of top 50 affordable places to live in NYC. The report included that according to ATTOM Data Solutions 2020 U.S. Foreclosure Market Report, NYC had the most amount of foreclosure starts. The MReport stated, “NYC saw 454 foreclosure starts in that most recent set, with other metros that saw high numbers of foreclosure starts including St. Louis, Missouri (208); Chicago, Illinois (207); Miami (151); and Los Angeles (147)”.

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