NYC Real Estate
Taking a Reasonably-Sized Bite Of The Big Apple's Real Estate Market Isnt as Difficult as it May Seem
New York City has long cultivated an image that is larger than life. Towering skyscrapers are filled with personalities every bit as impressive as the structures themselves. The idea that the majority of New York's 8 million residents are celebrities or Wall Street execs has led to the perception that owning a piece of the Big Apple is unattainable for the average person. While understandable, a newcomer to the New York Metro Area will quickly discover that there is far more affordable real estate than they expected. The potential buyer should not be dissuaded by these 3 common myths: all communities are equally expensive, all properties are astronomically expensive, and it is always more affordable to rent.
Myth #1: All Communities are Equally Expensive
The New York Metro Area is far greater than just New York City. Consisting of the boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, The City is also bordered by Northern New Jersey, Long Island, and the Eastern counties of New York State. Prices will vary by neighborhood, meaning buyers priced out of Manhattan's Garment District could purchase in the borough's Washington Heights neighborhood instead. Real estate prices will also vary by borough. Buyers can opt to buy Brooklyn real estate in trendy Williamsburg and avoid paying the premium for living in Manhattan's SoHo. Regardless of neighborhood or borough, there is affordable housing available throughout the New York Metro Area.
Myth #2: All Properties are Astronomically Expensive
Palatial estates in the Hamptons and expansive Midtown penthouses are common backdrops for movies and television shows, suggesting that every New York property will set its owner back millions of dollars. While opulent abodes make for exciting scenery, the average New Yorker is looking for a comfortable, affordable space to call their own. Over half of all current real estate sales are studio or one-bedroom apartments, meaning millions of normal New Yorkers are new homeowners. Particulars such as location and the condition of the unit can knock zeroes off the end of the price tag, making home ownership even more attainable. As such, potential buyers should definitely consider buying.
Myth #3: Renting is Always Cheaper than Buying
Like many major cities across the country, the shortage of units in New York is driving rental prices to astronomical levels. Renters are spending thousands of dollars a month on a unit that they will ultimately walk away.
Many potential homeowners will be surprised by how similar their rent and mortgage payments can be. The best part: the unit will be later sold and any profit goes back into their pocket.
Famous for towering skyscrapers and expansive personalities, New York has cultivated a larger-than-life image for over a century. While true in some regards, the NY Metro real estate market is more modest than many would expect. In looking past the aforementioned myths, the savvy buyer can own their own piece of the Empire City for a price that matches their budget