Which area of New York City are really getting the most bang for their buck?
A new report from StreetEasy looked to find out which areas in New York City had the best price per square foot based on buyers paying $700,000 for a home. According to their findings, the median price for a square foot of space in 2019 was $902 citywide. However, there are many neighborhoods even within the same boroughs that had drastically different price points.
In 2019, the median price per square foot in Manhattan was $1,319, 46% increase compared to the city as a whole. The report found that Manhattan’s most affordable neighborhood was Washington Heights. A $700,000 home would theoretically get you a 1,074-square-foot home, decreasing the cost to $652 per square foot.
Other affordable Manhattan neighborhoods, the report found, includes Hamilton Heights, with $773 per square foot, and Morningside Heights, with $800 per square foot.
In Brooklyn, $700,000 homes saw a dramatic decreased price per square foot compared to last year’s citywide number. Brooklyn’s most affordable neighborhood, which StreetEasy identified as East New York, has a $338 price per square foot, should you get a 2,071 square foot home. East Flatbush and Canarsie were also more affordable, with a $348 price per square foot and a $353 price per square foot, respectively.
For those who are looking for a taste of the suburbs, $700,000 could get you pretty far out in Queens in 2019. In Jamaica Estates, a $700,000 house theoretically gives you 2,745 square feet, giving you a $255 price per square foot. Other affordable Queens neighborhoods, according to StreetEasy includes Cambria Heights, with $260 per square foot, and Laurelton, with $304 per square foot.
Up in the Bronx, $700,000 in the borough’s least expensive neighborhood, Morris Park, theoretically gets you a 2,745 square foot home. This gave buyers in that area a price of $243 per square foot last year. Other affordable Bronx neighborhoods included Parkchester, with a price of $255 per square foot, and Bronxwood, with a price of $275 per square foot.
To read the full report, visit streeteasy.com.
