Parkchester ranked most affordable neighborhood in New York City
By Moses Kuwema
A recent report by PropertyClub has ranked Parkchester as the most affordable neighborhood in New York City for 2021.
Other neighborhood listed as being affordable by the same report include, Bedford Park, and Fieldston as well as Lindenwood and Briarwood in Queens. The report lists the median sales prices at under $300,000 in each of these NYC neighborhoods.
The report is based on property sales from Jan 1 2020 through Dec 31, 2020 and its key findings include the following: Parkchester is the most affordable neighborhood in NYC, with a median sales price of $195,000. Parkchester is also the only neighborhood in NYC where median sales prices were below $200,000.
15 of the most affordable NYC neighborhoods are in Queens, including Lindenwood, the 3rd most affordable in the city.
17 Staten Island neighborhoods made our list, the most affordable of which was Arlington, with a median sales price of $330,000.
The most affordable neighborhoods in Manhattan are Fort George, Inwood, Tudor City, and Washington Heights.
Only two Brooklyn neighborhoods are amongst the most affordable in NYC and these are Brighton Beach and Coney Island.
The most affordable borough in NYC is the Bronx, where median sales prices are $519,000.
The second most affordable neighborhood in NYC is Bedford Park, Bronx, where median sales prices are $225,000.
Lindenwood, Queens is the third most affordable neighborhood in NYC, with a median sales price of $280,000. Lindenwood and Briarwood (the 5th most affordable neighborhood), were the only neighborhoods in Queens where median sales prices are under $300k.
Borough-wide, the median sales price in Queens is $605,000.
Staten Island is home to 17 of NYC's Most Affordable Neighborhoods
Even though it's only home to 1 of the 10 most affordable neighborhoods in NYC. Staten Island is home to more affordable neighborhoods than any other borough. The most affordable neighborhood in Staten Island is Arlington, which with a median sales price of $330,000 was tied for 10th along with Riverdale, Bronx.
Fort George is the most affordable neighborhood in Manhattan, with a median sales price of $386,000. It's one of four Manhattan neighborhoods to make the list, along with Inwood, Tudor City, and Washington Heights.
The most affordable Brooklyn neighborhood was Coney Island, which came in at 31st, with median sales prices of $440,000. Meanwhile, Brighton Beach just made the list at 49th, with a median sales price of $506,000.
The Bronx was listed as NYC's most affordable Borough, with a median sales price of $519,000.
Citywide, the median sales price is $700,000, with the Bronx, Staten Island, and Queens being the most affordable boroughs, and Brooklyn and Manhattan being the most expensive.
Borough Median Sales Price
Bronx — $519,000
Staten Island — $550,000
Queens — $605,000
Brooklyn — $900,000
Manhattan — $1,160,000
The methodology used in the report involved looking at all recorded closed sales for residential property in NYC throughout 2020 and only neighborhoods with at least 10 sales were included on the list.
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