The New York City housing market remains expensive and difficult to navigate. While bidding wars are no longer as common as in 2021, low inventory and high-interest rates continue to make housing unattainable for prospective buyers. In New York City, a prospective first-time homebuyer who makes a median salary can expect to spend nearly twelve and a half years saving for a down payment.
As of February 2023, the median purchase price for a home in New York City is $840,000. The following ten neighborhoods provide lower median purchase prices and other standout qualities that make them favorable for buyers in 2023.
The median purchase price for an any-sized home in Manhattan is $1,750,000, while the purchase price for a one-bedroom is $870,000. Prospective buyers may consider purchasing property in the following two neighborhoods if they want to live in this borough.
Upper East Side
Median Price for a 1 Bedroom: $727,000
The Upper East Side is well known for its pricier real estate, high-end shops, and renowned prep schools. So when buyers think of affordable living, it’s usually not the first neighborhood that comes to mind.
However, the Upper East Side does have some one-bedrooms for sale at an attainable price. Properties range from classic floor-through apartments with molding and ornate features to modern builds with floor-to-ceiling windows and sleek finishes. Owners often reside on quintessential quiet, tree-lined blocks. With plenty of bars and restaurants, shops, and communal areas, this family-centered area also attracts younger potential residents who want proximity to their work locations in Midtown while living in large and quiet apartments.
The Kennedys, Roosevelts, and Rockefellers invested heavily in the area in the early 1900s, developing the neighborhood into the beautiful and tranquil oasis it remains today. The Upper East Side is quieter than other parts of the city. Its residents enjoy lush green spaces such as Central Park and Carl Schurz Park, a greenery with expansive views of the East River and the Gracie Mansion.
Median Price for a 1 Bedroom: $800,000
The East Village is one of New York’s most picturesque neighborhoods. Located halfway between the Statue of Liberty and Central Park, it resides in a central location that makes it easy to travel around the city.
One-bedroom apartments in this neighborhood ask a median of $800,000 and provide a mix of older buildings with exposed brick and small kitchens to new construction that includes walls of windows and outdoor space. Potential buyers can purchase studios to three-bedroom units in the East Village.
The neighborhood has a reputation for appealing to younger clients due to the vast amount of bars and nightlife opportunities throughout the area. Though students from colleges like New York University rent plenty of apartments, all types of buyers can find something to appreciate here. The neighborhood is known for its old-school bars and music venues, bringing the East Village to life on Friday and Saturday nights. It’s also incredibly walkable, making those who prefer to travel on foot comfortable in this city area.
With plenty of young renters, potential investors can also find options throughout the East Village. Buildings with multiple units can provide significant rental income, or simply purchasing a single-occupancy apartment can also increase revenue. The current median rental price for an East Village apartment is $4,395.
Residents love easily accessible green spacelike East River Park and Tompkins Square Park. Popular on weekends during the warm weather season, locals frequent the parks for family picnics, light jogs, and sunbathing.
The median asking price for all-sized properties in Brooklyn sits at $899,000, with one-bedrooms asking a median price of $470,000. While the following neighborhoods have higher median prices for one-bedroom units, they also provide additional features that make them appealing to potential buyers.
Median Price for a 1 Bedroom: $589,000
Displaying a healthy mix of independent and chain restaurants, Bushwick is another neighborhood that comes alive on the weekends. Even when the neighborhood is quiet during the day, residents can still feel its lively energy through the many murals decorating the area.
Artsy residents can attend flea markets, spend time in thrift shops, and then end the day at a distillery with a cold craft drink. During the evening, the neighborhood bustles with activity and provides options for music-lovers, community-based groups, and those looking to try a new restaurant. The area is also known for having great schools that appeal to buyers with children or those thinking of starting a family.
With one-bedrooms asking a median price of $589,000, this neighborhood is cheaper than the city’s median but more expensive than Brooklyn’s. Many Bushwick properties consist of new builds or remodels that include sleek finishes, plenty of living and storage space, and access to building amenities. Storage rooms, fitness centers, and parking opportunities roll into the purchase price, meaning buyers can save on those extra purchases when acquiring property in this neighborhood.
Median Price for a 1 Bedroom: $712,000
Home to a tight-knit community and plenty of Black-owned businesses, Bedford-Stuyvesant is a Brooklyn neighborhood with a rich history. Although the area was first developed by German and Dutch immigrants in the mid-19th century, it has undergone a huge demographic change.
As the locals refer to it, Bed-Stuy is undoubtedly a center for Black culture. Artists such as Jay-Z and Spike Lee have made it clear that Bed-Stuy is forever in their hearts, inspiring local artists, actors, and musicians to continue nurturing and sharing their artistic abilities with the community.
While it is one of Brooklyn’s larger neighborhoods, Bed-Stuy feels very intimate. Community organizations and churches maintain the small-town traditions that came over with residents who moved in from the South. It’s a strong community where neighbors know each other and help each other out in times of need. Buyers looking to gain a community and contribute to it can consider purchasing property in this neighborhood.
Bed-Stuy’s architecture is gorgeous. It has one of the City’s most authentic collections of Victorian architecture, with nearly 9,000 houses built before the 1900s. Many of these homes possess original Italianate and Queen Anne architectural details that are difficult to find in other neighborhoods throughout the city.
Median Price for a 1 Bedroom: $699,999
Previously known as Brooklyn Village, Brooklyn Heights is one of the best places to live for families and young professionals. Its waterfront location gives it an open-space feel with beautiful views and walkable streets.
The neighborhood holds the title of, “America’s original suburb” due to the welcoming of steam ferries in the 1830s. It became New York City’s first Historic District in 1965 and continues to appeal to tourists and locals today. There’s a nice mix of local and commercial businesses along its clean, organized sidewalks. Brooklyn Bridge Park has grown quite a bit and now offers residents fun attractions such as movie screenings and free ferry rides. Soon-to-be parents will be happy to know that the neighborhood boasts stellar private and public schools.
With one-bedroom prices around $700,000, potential homebuyers can find deals in this neighborhood. Commuters can reach areas like Midtown in under half an hour. Buyers are likely to find plenty of spacious co-op units with large windows and sizeable walk-in closets.
Learn more: What are the Benefits of Buying a Co-op vs. a Condo?
Median Price for a 1 Bedroom: $725,000
Park Slope features an array of different types of residents and varying businesses. The neighborhood welcomes those with an entrepreneurial spirit and creatives. While many people who live in the neighborhood rent apartments, there are still opportunities to purchase property in Park Slope. The median asking price for a one-bedroom is higher than Brooklyn’s median, but units feature amenities like storage, exposed brick, and proximity to local businesses.
The area is also home to Prospect Park, one of the biggest parks in New York City and the biggest park in all of Brooklyn. There’s plenty of green space for residents to enjoy, as well as Prospect Park Zoo. On Saturdays, residents head over to Grand Army Plaza for the neighborhood’s weekly farmers market.
Overall, the neighborhood features a plethora of young families with children who enjoy communal outdoor areas. Those looking to start a family of their own, or ramp up their childcare businesses, may find appealing opportunities in this area.
In Queens, the median asking price for all property sizes sits at $679,999, where owners can pay a median of $330,000 for a one-bedroom home. Two of the following neighborhoods feature one-bedrooms below that median price point, whereas the other neighborhoods include additional features and amenities that make them appeal to potential buyers.
Median Price for a 1 Bedroom: $315,000
Buyers looking for an eclectic neighborhood at an affordable price point may find their home in Jackson Heights. In this area, residents find everything from affordable living to international fashion and jewelry stores; unique shops decorate all of 74th St. Roosevelt Ave is the heart of this vibrant community, where residents enjoy a plethora of international cuisine.
The neighborhood is home to Tudor-style homes as well as spacious pre-war apartment buildings. In the early 20th century, the neighborhood became America’s first and largest planned cooperative and garden apartment community. Many buildings and units were converted to co-ops and condos throughout the 1980s, and the neighborhood features old and new developments for potential buyers.
Prospective purchasers will find plenty of one-bedroom co-op units in Jackson Heights for around $315,000, and two-bedroom units for around $425,000. Many available listings boast large floorplans with oversized bedrooms, renovated kitchens and bathrooms, and outdoor garden areas. Those who travel often can enjoy the proximity to LaGuardia Airport.
Forest Hills, Queens
Median Price for a 1 Bedroom: $319,000
Forest Hills is another residential neighborhood that allows buyers to get the best bang for their buck. Those looking to purchase property can find lower asking prices compared to most neighborhoods in the city.
Many of the neighborhood’s Tudor-style homes come with a yard and a private driveway, making it a great place to raise a family. The area has a residential atmosphere that differs from the traditional environment buyers may picture in New York City. While the neighborhood may feel further removed, residents can still get into Midtown Manhattan in half an hour through public transportation.
Forest Park and Flushing Meadows Corona Park are two of the green spaces located in this beautiful neighborhood, offering residents plenty of space to walk or bike in the warmer months. The neighborhood also resides next to the Queens Museum and the local Zoo. It’s a friendly community home to a diverse set of people, including singles, retirees, young professionals, and growing families.
Median Price for a 1 Bedroom: $597,000
Astoria is a multicultural neighborhood with plenty of things to do, see, and taste. The neighborhood’s proximity to Manhattan and lower purchase prices make it advantageous for commuters looking to avoid the high cost of homeownership on the island. First-time homebuyers hoping to buy in New York City can consider purchasing in this neighborhood that has plenty of available inventory.
The neighborhood features a laid-back community with low-rise homes and various small businesses. Like Jackson Heights, Astoria is a foodie’s paradise with an abundance of international cuisine at every corner. The neighborhood is known for its unique Greek cafes and taverns serving traditional treats such as Baklava and Moussaka. Astoria Park witnesses a flurry of activity in the warmer months, including a pool, skate park, and plenty of tennis courts.
While property in Astoria is more expensive than the median asking price around the borough, buyers can find plenty of newly renovated homes and newly constructed buildings in this neighborhood. Buildings feature communal areas like fitness centers, roof decks with city views, and green space. There are also plenty of multifamily properties on the market, creating an opportunity for investors looking to generate profit in the rental sphere.
Long Island City
Median Price for a 1 Bedroom: $696,683
Once the city’s epicenter of the manufacturing industry, Long Island City now features plenty of residential spaces for prospective buyers. The neighborhood includes artistic spaces like galleries, studio spaces, and art schools for those looking to study the craft. Potential buyers in the creative field may find this neighborhood appealing due to the high concentration of fellow artists and the proximity to Manhattan.
Long Island City rests on the waterfront and also boasts trendy restaurants, craft breweries, and upbeat nightlife options. During the weekend, residents get together at the Long Island City Flea to buy everything from flowers to furniture. Hunter’s Point South Park is a great place to have a picnic with the family or a group of friends.
When looking through listings in this neighborhood, buyers will find plenty of modern, newly constructed condos with stainless steel appliances, floor-to-ceiling windows, and energy-efficient appliances. Many buildings also include amenities like decked-out fitness centers with training rooms and saunas, furnished roof decks with skyline views, and 24-hour door attendants.