As low inventory continues to push up prices on the buying and selling side of the market in New York City, many local residents are wondering where to go next. Fortunately, there are still several great neighborhoods within the city limits where renters and buyers can find affordable homes that offer a host of other fringe benefits.
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If you’re looking for affordability below 96th Street in Manhattan, you can’t go wrong in Yorkville. Widely known as the Upper East Side’s affordable neighborhood, Yorkville stretches from Third Avenue to the East River and from the East 90s down to the East 60s. While prices have risen in Yorkville over the past two years, the neighborhood still offers amazing value.
Compared to median rental price in Manhattan, which is just under $5,000/month in April 2024, CityRealty’s current Yorkville listings include a variety of one-bedroom units starting from $2,450/month. On the buying side, there are also plenty of available options, with one-bedroom units, even in doorman buildings, often running between $700,000 and $950,000, well below Manhattan’s average residential home sale price, which in the first quarter of 2024 topped $2 million.
Compared to median rental price in Manhattan, which is just under $5,000/month in April 2024, CityRealty’s current Yorkville listings include a variety of one-bedroom units starting from $2,450/month. On the buying side, there are also plenty of available options, with one-bedroom units, even in doorman buildings, often running between $700,000 and $950,000, well below Manhattan’s average residential home sale price, which in the first quarter of 2024 topped $2 million.
Better yet, affordability isn’t the only reason to rent or buy in Yorkville. With easy access to the 4, 5, and 6 train stops along Lexington Avenue, and Q train stops along Second Avenue, Yorkville also offers great transportation for anyone commuting downtown or uptown. Better yet, Yorkville and its nearby neighborhood, the Upper East Side, are both amenity-rich. Whether you’re looking for a rare grocery ingredient, an award-winning hairdresser, or a medical specialist in any field, you’ll likely be able to find one within walking distance.
448 East 87th Street, #3C (Compass)
225 East 79th Street, #2D (Douglas Elliman Real Estate)
425 East 86th Street, #8B (Brown Harris Stevens Residential Sales LLC)
The Buckingham East, #1103 (Keller Williams NYC)
519 East 86th Street, #2D (Corcoran Group)
Gracie Plaza, #32D (Compass)
Prospect Lefferts Gardens, bordering the east side of Prospect Park, is a diverse and evolving neighborhood popular among former Manhattan residents and Park Slope locals searching for lower prices and value. Developed from the Lefferts family estate, it now features a mix of historic architecture, modern mid-century complexes, and low-rise retail shops. The neighborhood's cultural diversity is reflected in its cuisine, with eateries offering a wide range of West Indian fare. Community initiatives like PLG Community Supported Agriculture and the Lefferts Community Food Cooperative foster a strong sense of community. It's also near cultural attractions like the Prospect Park Zoo, Brooklyn Botanic Garden, and the Brooklyn Museum.
406 Midwood Street, #PHA
$535,000
Prospect Lefferts Gardens | Condominium | 1 Bedroom, 1 Bath | 590 ft2
406 Midwood Street, #PHA (Douglas Elliman Real Estate)
406 Midwood Street, #3C
$640,000
Prospect Lefferts Gardens | Condominium | 2 Bedrooms, 1 Bath | 638 ft2
406 Midwood Street, #3C (Douglas Elliman Real Estate)
3311 Newkirk Avenue, #3A (Compass)
323 Lenox Road, #2F
$799,000 (-11.1%)
Prospect Lefferts Gardens | Condominium | 2 Bedrooms, 2 Baths | 809 ft2
323 Lenox Road, #2F (Corcoran Group)
246 Fenimore Street, #TH
$2,995,000
Prospect Lefferts Gardens | Townhouse | 5 Bedrooms, 4 Baths | 3,115 ft2
246 Fenimore Street, # (Compass)
Upper Manhattan is technically many rather than one neighborhood and includes Harlem, Hamilton Heights, Washington Heights, and Inwood, as well as a number of niche sub-neighborhoods, including Sugar Hill and the Audubon Terrace.
Blessed with some of the city’s most unique residential architecture (e.g., Sugar Hill’s townhouses), these uptown neighborhoods have a lot to offer both renters and buyers. On the rental side, you can still find one-bedroom units in the low $2,000 range. On the buying side, it’s possible to find one-bedroom units under $600,000, even in doorman buildings, and if you qualify for an HDFC, you can find larger units for much less.
Historically rich, culturally diverse, and serviced by many subway lines, Uptown Manhattan is among the city’s final affordable places to rent and buy, but that doesn’t mean it is shabby. In an era before penthouse apartments, upper Washington Heights was where New Yorkers once went to build castles in the sky.
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161 West 133rd Street, #1D (Compass)
Smithsonian Place, #202 (Douglas Elliman Real Estate)
Morningside Gardens, #19A
$775,000
Morningside Heights | Cooperative | 2 Bedrooms, 1 Bath | 1,000 ft2
Morningside Gardens, #19A (Corcoran Group)
265 West 131st Street, #3 (Compass)
RiverBridge Court, #2D (Sothebys International Realty)
The Noor, #1 (Compass)
PS90, #3C (CORE Group Marketing LLC)
552 Riverside Drive, #6GH (Compass)
The Noor, #2 (Compass)
111 Central Park North, #4A (Compass)
303 West 113th Street, #3 (Brown Harris Stevens Residential Sales LLC)
View of Riverdale from Skyview Riverdale
The Bronx comprises many neighborhoods, including the leafy historic district known as Riverdale. If you’re a long-time New Yorker, Riverdale is likely familiar since it was once a popular destination for middle-class and even wealthy families. While Riverdale has since gained a reputation for being home to many retirees, in recent years, its spacious pre-war architecture and affordable prices have once again started to attract renters and buyers of all ages.
On the rental side, you can find one-bedroom units below $2,000/month. On the buying side, it’s still possible to find two-bedroom units in doorman buildings for less than $500,000, including a currently listed unit at the Skyview that even includes its own private outdoor space (see below). While Riverdale is a bit further afield than many other neighborhoods, its great architecture, family-friendly services, leafy parks, and affordability make it a great place to rent or buy.
Skyview on Hudson, #22P (KW L'AGENCE)
The Whitehall, #8C (Brown Harris Stevens Riverdale LLC)
Brooklyn’s affordability crisis was already becoming apparent back in 2015 when Le Bon Marché, a department store on the Left Bank in Paris, decided to adopt Brooklyn as the theme of its fall marketing campaign. Over the past seven years, the borough has become increasingly out of reach to renters and buyers. Still, there are a few Brooklyn neighborhoods where deals can be found from time to time, including Windsor Terrace.
Windsor Terrace has sometimes been cast as a great place to rent or buy but only if you can’t afford Park Slope. Unsurprisingly, fans of the neighborhood will tell you that Windsor Terrace isn’t just less expensive but also quieter and less pretentious than Park Slope. Best of all, it is one of the only New York City neighborhoods where front porches are a common architectural feature. But how much does front porch access on a leafy street in Windsor Terrace cost?
Windsor Terrace has sometimes been cast as a great place to rent or buy but only if you can’t afford Park Slope. Unsurprisingly, fans of the neighborhood will tell you that Windsor Terrace isn’t just less expensive but also quieter and less pretentious than Park Slope. Best of all, it is one of the only New York City neighborhoods where front porches are a common architectural feature. But how much does front porch access on a leafy street in Windsor Terrace cost?
On the rental side, you can still occasionally find one-bedroom units under $2,500 per month in Windsor Terrace. On the buying side, it’s possible to find one-bedroom apartments for sale under $600,000 (see below), though such finds are rare. The key challenge in Windsor Terrace is low inventory, which is not surprising given that it lacks the high density found in many other affordable neighborhoods, including Yorkville, Upper Manhattan, and Riverdale. If you can find and secure a deal, however, the neighborhood has a lot to offer and is within walking distance to several other amenity-rich Brooklyn neighborhoods.
546 40th Street, #A (Compass)
702 45th Street, #3I (Corcoran Group)
The Parisa, #3D (Daniel Gale Sotheby's International Realty)
Park Vanderbilt, #7K (Serhant LLC)
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Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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