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What are the cheapest and most expensive neighborhoods in NY in the real estate market?

NYC is home to one of the most extreme real estate markets in the world, with some of the most expensive homes blocks away from working-class neighborhoods.

Update:
NEW YORK, NY, UNITED STATES - NOVEMBER 29: A view of the world's skinniest skyscraper, Steinway Tower, located at 111 West 57th Street in Manhattan, and boasts a 24:1 height to width ratio in New York, United States on November 29, 2022. Designed by SHoP Architects, the luxury condominium building stands at 1,428 feet (435 meters) tall, making it one of the largest buildings in the western hemisphere, and the third tallest in New York City. 60 apartments are included in the tower ranging from nearly $8 million for a studio to $66 million for a penthouse. In April it has opened to residents in New York City. (Photo by Fatih AktaÅ/Anadolu Agency via Getty Images)
Anadolu AgencyGetty

In the Big Apple, the extremes of wealth inequality are on full display.

Housing policy and real estate development have not been designed to ensure all New Yorkers have access to affordable and quality housing. Multi-million dollar penthouses are empty while more than fifty thousand people are unhoused, dependent on shelters to avoid sleeping on the streets.

And now, as New York City has been rated the most expensive in the world, so finding pockets where affordable housing can be found, are increasingly difficult.

Property Club NYC took inventory of the housing market and found that the boroughs with the lowest median house price were the Bronx ($519,000), Staten Island ($550,000), and Queens ($605,000). Brooklyn and Manhattan topped the list with a median sale price of $900,000 and $1.16 million, respectively.

What are some of the most affordable neighborhoods in NYC?

Like many cities in the US, gentrification has altered the economic makeup. As wealthier residents displaced low-income families, the more affordable areas have moved farther from Manhatten.

In 2019, the New York Times called Inwood the last affordable neighborhood in Manhattan. Located on the Northeastern part of the island, houses for sale range in value from $150,000 to $1.1 million. However, most fall into a range between $300,000 and $600,000.

Another ranking put together by Property Club points to the Bronx, Queens, and Staten Island as the boroughs with the most affordable pockets. Over in the Bronx, neighborhoods including Parkchester, Spuyten Duyvil, Kingsbridge, and Riverdale have some homes for sale that do not reach $400,000 and some two and three-bedrooms that do not surpass a price tag of $250,000.

Across the bridge in Brooklyn, the southeastern part of the borough, including Sheepshead Bay, Homecrest, and Brighton Beach, have two bedrooms for sale that do not surpass $400,000.

What are the most expensive neighborhoods in New York City?

The area that surrounds Central Park is not only one of the more unaffordable areas of NYC, but the entire world.

$10 million two-bedroom apartments are a dime a dozen in this area, and the bigger the house, the bigger the asking price. An eight-bedroom mansion on the Upper West Side is currently listed for $65 million. Across the park in the Upper East Side, the story is the same, with many apartments worth more than $20 million up for sale. Out in Brooklyn, there are plenty of homes for sale above a million dollars, but overall the market is a cooler than that seen in Manhatten.