Looking to buy an apartment or a house in the city but can’t afford more than $500 per square foot? Your options are limited, particularly in Manhattan, where the only area with that median marker is Washington Heights's 10032 zip code, according to a new study by PropertyShark, the real estate search and data provider.
In fact, for all zip codes below 110th Street, the median price per square foot exceeded $1,000—and in some places reached $2,000—except for zip code 10029, which includes East Harlem. It was still close, at $919 per square foot.
The study used 2018 closing records to determine the median price per square foot for each zip code in the city. While $500 per square foot might seem low for a city as expensive as New York, consider the national average, which is $150 per square foot.
Brooklyn, not surprisingly, has only a few areas where you can find real estate selling below $500 per square foot, and they are located in the eastern half of the borough, as well as in Coney Island and Brighton Beach, with prices ranging from about $300-$450 per square foot.
The waterfront and northern part of Queens showed the most areas above the median, whereas the southern part of the borough was in the green, meaning below the $500 per square foot median. The most affordable zip code in Queens according to the report is 11692, with a median price per square foot of $199. It is located in Arverne, in the Rockaways.
Opportunity abounds, however, in both the Bronx and Staten Island, where every zip code came in under the $500 per square foot threshold. Several areas in the Bronx saw prices around $200 per square foot. Zip code 10463, which covers Spuyten Duyvil and Kingsbridge, had the largest number of listings for sale under that price point (204).
In Staten Island, prices ranged from $265-395 per square foot. The borough also had the most number of listings available for under $500 per square foot, at 232.
For more information on buying in New York City, check out Brick’s 2018 guide to the most affordable neighborhoods in NYC.
You Might Also Like