Living expenses in New York City are very high compared to the rest of the country. It is important to be serious about allocating your money if you are looking to live a budget-friendly lifestyle in the city. Part of living a budget-friendly lifestyle in New York City involves choosing a budget-friendly neighborhood to live in. Continue reading below to learn about seven of the most budget-friendly neighborhoods in the city.
1. Washington Heights
Washington Heights is located in Manhattan. The average rent for an apartment in this neighborhood is $1400. This community is in the busiest section of the city, yet commutes are still short and affordable. Arches, Beaux-Arts windows, and copper roofs along Broadway Avenue typify the architecture in this beautiful district. This area continues to offer the old school and retro vibes of New York City without feeling too modernized.
2. Flatbush
Flatbush sits across the water from Manhattan in the borough of Brooklyn. The average rent here is around $1800, with some rates dipping as low as $900. Founded in 1651, this is one of the oldest areas in the city. This neighborhood prides itself on reasonable prices in the heart of the borough, offering thirty to forty-five-minute commutes. There is also a chance of buying a cheap home in Flatbush as there are plenty of single-family homes available.
3. Inwood
Inwood is another Manhattan neighborhood that offers quick and easy commutes for residents looking to save money. The average rent in it is $966, which is a steal in the bustling Big Apple. This neighborhood is in Upper Manhattan at the northernmost point, in an area that is surprisingly peaceful and serene given its proximity to Manhattan’s hustle and bustle. Inwood Hill Park, a 196-acre public park in an old-growth forest, offers ample recreation opportunities and regularly hosts free community events. This neighborhood is excellent for young families who want a more quiet atmosphere.
4. Murray Hill
Murray Hill is another neighborhood in Manhattan that provides a variety of rental price ranges. It also provides affordability in terms of commute times and accessibility. As home to Grand Central Station, Murray Hill residents can easily catch trains to anywhere they need to go. Many of the available apartments sit in spacious high rises. The East River flows along Murray Hill, offering beautiful views and free entertainment as well.
5. Sunnyside
The neighborhood of Sunnyside is in Queens. The average rent of apartments in this neighborhood is $2557, though people can find flats for as low as $765. It is a fifteen-minute commute from Grand Central Station, offering relative ease when it comes to commuting. If you’re looking to buy, you’ll find that Sunnyside, and in particular Sunnyside Gardens, is one of the cheapest areas to purchase a home. A diverse part of the city, Sunnyside offers great community.
6. Bedford Park
Bedford Park is located in the Bronx, one of the boroughs of New York City. The average price for apartments is around $1500, but some are available for $900. This is a historic neighborhood that is making an effort to avoid overdevelopment to keep the region affordable. Homes in Bedford Park, sell for as low as $210,000; the Perry Avenue area is especially reasonably-priced. There is public transit making a commute readily available as well.
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7. Staten Island
The entire borough of Staten Island is a surprisingly affordable place to live in New York City. The average rental price in this borough is $1500. The island offers a free ferry service for commuters making their way to other parts of the City. Everyone knows about the Statue of Liberty is here, but there is also a surprising real estate inventory in Staten Island as well.
New York City is known for being one of the most expensive places to live in America. Knowing where to live, you can make a living in it affordable and budget-friendly. Check out any of the above seven neighborhoods for yourself to see how they can work for your budget.