What to Know
According to Property Shark, there are zip codes in New York City where buying a home for under $500 per sq foot is practically impossible[hhmc]
However, there are some areas in New York City where you can purchase a home for under $500 per square foot, including in Manhattan[hhmc]
According to the report, the majority of neighborhoods in Staten Island and the Bronx have homes for less than $500 per square foot[hhmc]
There was a time, long ago when real estate in New York City was affordable.
Years ago, you could have bought a home anywhere in Brooklyn or Queens or even in parts of Manhattan for $500 per square foot. Through the years, though, real estate in the Big Apple has skyrocketed.
The exorbitant prices in Manhattan have increased demand in Brooklyn and Queens and prompted gentrification in neighborhoods.
As a result, according to real estate website Property Shark, there are a number of zip codes in New York City where buying a home for under $500 square feet is practically impossible, but some still do exist.
Property Shark determined that almost the entire northern region of Queens has prices above $500 per square foot.
The only zip codes where you can buy a home for under $500 per square foot in North Queens are 11356, 11368, 11369, 11370, 11378 and 11379, Property Shark reports. Meanwhile, on the entire southern side of the borough, one has an easier chance to find property below $500 per square foot, with one of the most affordable zip codes being 11692, where the median price tag was $199.
In Brooklyn, according to Property Shark, prices vary widely — decreasing from the northern part of the borough to the southern part, although for the most part, price tags for Brooklyn properties exceed $500 per square foot.
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The wide gamut in prices allows for one to buy a home for under $500 per square foot only on the eastern and far south side of the borough, Property Shark reports, adding that the astern neighborhoods tend to be the most affordable, with prices per square foot around $300 and $400. Meanwhile the western waterfront and neighboring areas tern to be expensive.
In most neighborhoods in the Bronx, one can easily purchase a house with square-foot prices around $200, Property Shark notes.
As for Staten Island, the price tag for a home in the majority of neighborhoods is also below $500 per square foot — hovering just above $300, according to the report.
Meanwhile, in Manhattan, the Harlem-based zip code 10032 is the only location in the island where one can buy property for under $500 per square foot, the report says.
While the price tag of $500 square foot in New York City may not seem high, it is more than three times higher than the national average of $150 square foot, Property Shark says.
The report also notes that even though there are still areas in New York City where one can find homes with a price tag below $500 per square foot, potential buyers should not assume the prices will remain the same in the coming years.