The real estate market in New York City is famous for its high prices, as well as its investment value. However, in light of tremendous expense, many people believe it’s better to rent instead. According to the team at Tracey Real Estate in Brooklyn, NY, there are actually many great neighborhoods where it’s better to buy. While you’ll pay more up front, the return on investment and joy you’ll get from living in the area will pay off.
3 NYC Neighborhoods Where Buying Real Estate Is Better Than Renting
1. Sunnyside, Queens
This favorite Manhattan alternative is ideally positioned alongside the development taking place in Long Island City and offers a variety of amenities and conveniences. It comes at a price, though. With an average rent of $2,100 per month, costs add up quickly, and buying a home is the better option. Mathematically, within two years, you will have spent more money renting an apartment than you would buying a home valued around $300,000.
2. Sunset Park, Brooklyn
This once-industrial area has quickly taken on many monikers as Park Slope residents move in. Train access, location, and the potential many renovation projects offer are making this one of Brooklyn’s best up-and-coming neighborhoods and a great place to buy. On average, residents pay $2,500 per month in rent. If you were to buy a home for around $430,000, you will have saved money compared with renting after three years.
3. Lower East Side, Manhattan
As one of the city’s most famous neighborhoods, it’s also the most sought-after, hence the $3,199 average monthly rent. The culture and activity of the Lower East Side will be a selling point for years to come, and like all Manhattan real estate, it’s nearly guaranteed to appreciate. If you’re able to make an investment into the higher entry price an LES home requires, it will pay off. After three years, you’ll have saved money compared to renting.
If you’re interested in exploring homes for sale in one of the five boroughs, turn to the real estate professionals at Tracey Real Estate. They can help you find a home that matches both your budget and needs and guide you throughout the process. Call (718) 376-4994 today to speak with a realtor, and visit their website to browse their listings.