As one of the fascinating cities in the world, New York attracts people from all walks of life. Many people dream of owning a house in this magnificent city. So if you want to buy a house in New York, how much budget do you need to set? In this article, we answered this question for you and talked about property prices in New York.
Apartment Types in New York
There are two types of apartments in New York: co-op and condominium (except for detached buildings called townhouses, which are not very common and have high prices). Older buildings (before 1980) tend to be more of the co-op type, while those built after the 1980s are almost all condos. You can choose between these types according to your personal and financial circumstances, lifestyle, and past experiences. Also, you may decide to buy the best apartment you can afford in a building suitable for investment, regardless of co-op or condo.
In a co-op, the entire building is owned by a single company. Buyers receive shares from the company instead of the title deed and a special lease agreement applicable to the buyer’s occupation of a particular unit. The rules and rights are more like a lease in a rented building.
When you buy a condo, you receive a title deed that gives you ownership rights to the interior of your unit and the surface of the walls, as well as an indivisible right to the common areas of the building.
Finding a condo in the most popular areas can be difficult and expensive. West of Central Park or the best areas of the West Village are among these popular areas. Similarly, pre-war buildings are almost entirely of the co-op type. If you can find a rare pre-war condo, demand and prices for such condos are generally high.
Manhattan Property Prices
In Manhattan, homeowners receive about 3% annual gross yield. This rate is not very advantageous when compared to the national average. Still, Manhattan is known for getting more and more expensive over the years, which allows you to earn good bucks with a good investment sooner or later. In Manhattan, the median rental price is $ 4,527, and the median resale price is $ 1,864,075.
Queens Property Prices
Average resale prices in Queens rose 6% in just one year. This puts Queens on the list of places to invest in the New York City housing market. Queens housing market is New York’s third fastest-growing market. If you have a limited budget, you can find cheap properties in Queens. The median rental price in Queens is $ 2,449. The median resale price is $ 560.000. Depending on the location, the annual gross yield varies between 5,87% and 6,35%.
Brooklyn Property Prices
Brooklyn is a great place to buy property considering the future returns. The borough’s median resale prices broke a record in recent years. In Brooklyn, the annual gross yield is around 4%. The median rental price is $ 3,170, and the median resale price is $ 250,000.
Staten Island Property Prices
Staten Island does not show extreme developments in the real estate sector. Instead, it is offering a stable state. It has become a suitable destination for those looking for affordable property in New York. The median rental price is $ 2,154, and the median resale price is $ 570.000.
The Bronx Property Prices
In the Bronx, which is becoming a favorite spot for property buyers, the gross rental yield varies between 5,46% and 6,28% depending on the location. The median rental price is $ 2,704, and the median resale price is $ 685,000. Due to the opportunities, there is a significant movement in the borough’s market.