New York City housing prices are known for being very expensive. One particular rental on Fifth Avenue in Manhattan takes up an entire floor of the famed Pierre Hotel and costs a whopping $500,000 per month! While not every residence is that expensive in the NYC real estate market, if you want to live in one of the most coveted neighborhoods, it will cost you.
We created an infographic comparing rent and housing prices in different neighborhoods of each borough to determine which locations have the highest housing costs.
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The Cost of Rent and Housing in Each Borough
While overall, New York City is an expensive place to live, NYC housing prices vary by borough and can even be vastly different from neighborhood to neighborhood. The average rent in a Manhattan neighborhood known for trendy bars and shops will likely be more expensive than a family-friendly neighborhood in Staten Island. Many factors, including square footage, distance to public transportation, and overall location, play a part in how expensive a particular neighborhood is.
The average rent in New York City is $4,208 in Manhattan, $2,951 in Brooklyn, and $2,568 in Queens, according to data from apartment listing service RENTCafé. Believe it or not, the average rent in certain Manhattan neighborhoods is even higher than that. A month’s rent in both Little Italy and TriBeCa, among the more popular neighborhoods, costs an average of $5,607. That’s the highest average rent in all of New York City!
In fact, the top ten neighborhoods with the most expensive average rent are all located in Manhattan. These are the neighborhoods with the highest average rent in New York City:
- Little Italy: $5,607
- TriBeCa: $5,607
- Battery Park City: $5,605
- SoHo: $5,301
- Chinatown: $5,116
- Hudson Square: $5,055
- Lower East Side: $4,676
- Upper West Side: $4,668
- West Village: $4,598
- NoHo: $4,394
Houses for sale in New York City are equally expensive. According to data from real estate listing website Realtor.com, these are the median list prices in all five boroughs:
When comparing the median list prices in different New York City neighborhoods, TriBeCa comes out on top. The median list price for a home in TriBeCa (which is short for “Triangle Below Canal Street”) is $4,290,000. Manhattan real estate prices are by far the most expensive, with Manhattan neighborhoods making up nine of the ten places with the most expensive median list price.
These are the ten neighborhoods with the most expensive median list price:
- TriBeCa: $4,290,000
- NoHo: $3,850,000
- Little Italy: $3,490,000
- SoHo: $2,990,000
- Hudson Square: $2,490,000
- Flatiron District: $2,450,000
- Midtown: $2,030,000
- Chinatown: $1,990,000
- Chelsea: $1,920,000
- Neponsit: $1,880,000
The NYC real estate market is competitive, and reasonably prices homes and apartments in desired neighborhoods go very quickly. Since rent and home prices are so high, it’s no surprise that affordable housing is in high demand.