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Measuring Affordability in the Big Apple

According to PropertyClubs newest survey [1], the Bronx leads the pack as New York City's “most affordable neighborhood.”

Three Bronx's neighborhoods: Parkchester, Bedford Park, and Fieldstonas well as Lindenwood and Briarwood in Queens, all have median prices under $300,000.  

However, it’s the Bronx’s Parkchester that comes out on top as the most affordable in one of the country’s most expensive residential areas. Parkchester is the only neighborhood in NYC where median sales prices came in below $200,000. The second most affordable neighborhood, also in the Bronx, is Bedford Park, where median sales prices are $225,000.  

According to PropertyClubs, the Bronx is the overall most affordable borough in NYC, based on property sales from January 1-December 31, 2020, 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.  

As the third most affordable NYC neighborhood, Lindenwood, Queens, has a median sales price of $280,000. Lindenwood and Briarwood (the fifth most affordable neighborhood), were the only neighborhoods in Queens where median sales prices are under $300,000. Borough-wide, the median sales price in Queens is $605,000. 

On PropertyClub’s list, four other Bronx neighborhoods round out the top 10 most affordable neighborhoods: Soundview, North Riverdale, Spuyten Devil, and Riverdale. Glen Oaks in Queens was also in the top 10. An additional 15 Queens and Bronx residential neighborhoods complete the overall list of top 50 affordable places to live in New York City. 

On a less auspicious note, NYC also topped the list of foreclosure starts among large metro areas of more than 1 million residents. That's according to ATTOM Data Solutions' November 2020 U.S. Foreclosure Market Report [2]. NYC saw 454 foreclosure starts in that most recent set, with other metros that saw high numbers of foreclosure starts including St. Louis, Missouri (208); Chicago, Illinois (207); Miami (151); and Los Angeles (147).