No one doubts that New York City is an expensive place to live. But PropertyShark wanted to know, is there anywhere in the Five Boroughs where you can buy a home for less than $500 per square foot?
Turns out, yes. Pickings are slim if you're in Manhattan, Brooklyn, or Queens, but according to PropertyShark, the Bronx and Staten Island offer homes in this price range in every neighborhood.
“The 10032-zip code in Harlem is the only location where you can buy for under $500 per square foot in Manhattan,” the report stated. “In fact, you’ll even have a hard time finding a place at $1,000 per-square-foot in the borough.”
Likewise, the report found, almost the entire northern part of Queens and most of Brooklyn have prices above $500 per square foot, though the eastern and far south sides of Brooklyn do have homes below that price point.
“The most budget-friendly listings in Queens are in 11375, where there are currently 49 properties listed for under $500 per square foot, and 11357, with 32 listed properties below this price,” the report stated.
Most Queens homes below the $500 price point are on the southern side of the borough
“Based on our 2018 sales data,” the report stated, “ one of the most affordable zips in Queens is 11692, with a median price per square foot of $199.”
However, in most of the neighborhoods in the Bronx, the report stated, “you can easily purchase a house with square-foot prices of around $200. Houses in a few zip codes also sold for less this year, including in 10474 and 10459, where the median square foot price is $142 and $185, respectively.”
According to the report, zip code 10463 has the largest number of listings under $500, with 204 homes under that cutoff.
Staten Island has the most budget-friendly listings in the Five Boroughs, PropertyShark reported. Most properties below the $500 price point—232 listings overall—are in zip code 10321.
“Square-foot prices in the borough are above $300 in the majority of the neighborhoods,” the report concluded. Three zip codes in the northern part of the borough have prices just below in the high $200s.