Let’s be honest – living in New York City is expensive. That’s the price you pay (literally) for living in one of the best cities on earth. But prices can vary widely from one neighborhood to another, making it possible to find a place that fits your needs and your budget. The Real Deal crunched the numbers for 16 neighborhoods across the five boroughs to illustrate how much one square foot will cost you in different areas.
The most in-demand borough comes with the highest prices. To buy the average 900 square foot apartment in Midtown, you’d be looking at a price tag of $1,874,700. That same apartment would theoretically cost you $5,175 a month in rent. Here’s a look at what one square foot in some of the most popular neighborhoods is going for:
- Upper West Side: Sales $1,858 / Rental $63
- Washington Heights: Sales $639 / Rental $36
- Midtown: Sales $2,083 / Rental $69
- Chelsea: Sales $2,061 / Rental $76
- Tribeca: Sales $1,665 / Rental $80
Several Brooklyn neighborhoods are becoming just as popular as their Manhattan counterparts, and it’s reflected in the price. A 900 square foot place in Brooklyn Heights would set you back $1,388,700 to buy and $4,575 a month to rent. Better deals can be found further out, with a 900 square foot Gravesend apartment renting for $1,950 a month.
- Brooklyn Heights: Sales $1,543 / Rental $61
- Williamsburg: Sales $1,041 / Rental $50
- Park Slope: Sales $1,153 / Rental $41
- Gravesend: Sales $650 / Rental $26
Long Island City is definitely having a growth spurt, with many luxury buildings popping up along the river. You’ll pay a premium for these locations, but it’s still a price break compared to what you’d find just over the river in Manhattan. A 900 square foot apartment can be purchased for $968,400 or $3,675 a month in rent. Like Brooklyn, the farther east you go in Queens, the more the cost per square foot drops:
- Long Island City: Sales $1,076 / Rental $49
- Forest Hills: Sales $644 / Rental $29
- Jamaica: Sales $334 / Rental $34
If price is a real sticking point for you, then The Bronx may be your answer. To buy a 900 square foot home in Mott Haven/Port Morris you’d pay $252,000. Renting a 900 square foot apartment in the same neighborhood will cost you $2,100 per month on average. You can find an even cheaper place in Parkchester if you don’t mind the commute:
- Mott Haven/Port Morris: Sales $280 / Rental $28
- Parkchester: Sales $183 / Rental $25
Finally, if you don’t mind taking the ferry, you can find an incredible deal on Staten Island. Who knows, you may even find a place with a great view of the Statue of Liberty (it could happen). You could score a 900 square foot home in Todt Hill for $342,000 or get an even better deal with a rent of $1,275 a month.
- George: Sales $489 / Rental $30
- Todt Hill: Sales $380 / Rental $17
Buying, selling, or renting real estate in New York City can be a confusing process, and that’s why Platinum Properties is here to help! Contact Platinum or call 646-681-5272 to speak with one of our expert agents. We’re always available to answer your questions and help you find your perfect space in the neighborhood that’s just right for you!