There is no denying that New York is an expensive place to live. One of the world’s megacities, even outer boroughs are now becoming costly in terms of rent and other costs of living. Yet some places are still affordable and can be great buys if you are considering investing in New York property. Below, we give three of the most affordable areas in New York.
Staten Island
House prices in the borough of New York have grown steadily over the past 18 years. This has seen an almost 50% increase in the average property price. While you may have missed the time for a bargain, long-term investment and appreciation are still a real prospect. You may wish to sell your house quickly in an area that has stagnated, perhaps by using a company that offers quick sales and guaranteed cash. This deposit can then fund a project in an area that remains stable and will always be in demand over the coming years.
Staten Island is one place people with a leaner budget will still be able to afford. Its cost of living index places it above the national average, understandable for New York, but below other areas such as Manhattan and Queens. With excellent public transport links, it makes sense that young professionals are now flocking to this hub. The area has also undergone huge investments to attract tourists in recent years, as it is often the most overlooked of New York boroughs. This has seen a thriving arts and culture scene spring up.
Bedford Park
Bedford Park lies in The Bronx, an area once notorious for crime and gang violence. Yet this area has transformed itself, becoming a laid-back, quiet place ideal for families and young professionals. Despite a big marketing push in the early 2000s, it remains a fairly undiscovered neighborhood.
The rent is an average of $1800 a month, way below that found in Manhattan. If you are buying a property to rent out, it is also near Fordham University and Lehman College, making it a fantastic place to find prospective tenants.
Sunnyside
Sunnyside is an area situated in the western region of Queens. It was historically one of the first planned communities in the United States. While it started as a small hamlet and was later incorporated into Long Island City, the area retains that small village feel despite still being a part of New York.
It has a low crime rate and great schools, with a higher ratio of people going on to college education than many other boroughs. In addition, the area has plenty of green spaces and parkland making it ideal for anyone wanting to raise a family, but still needing to be in the city for work.
There are other areas where living and property are cheap in New York, but they are getting less and less. If you plan to invest in New York property then move quickly and know what you are looking for.
