New York gets a lot of flak for being extremely expensive. Sadly, most of the time this reputation is completely deserved; the state has some of the most expensive neighborhoods and cost of living prices in the country and if you try to cut corners you could end up somewhere that’s less than desirable.
However, New York actually has a few neighborhoods that are moderately priced and safer than the surrounding areas, but still have the metropolitan feel that New York is famous for. If you don’t mind waiting a year or two for the gentrification to take hold, then these neighborhoods might be your ticket to a blossoming piece of investment property.
Harlem
Harlem is the cultural center of New York City. But it was also noted as the crime capital of New York a few years ago. Luckily waves of gentrification have struck the city which has forced crime down and property values upward. The going rate for condos in Harlem is around $400,000 to $500,000, currently.
Buying property in Harlem is a smart investment at this point in time. The value of these homes will increase substantially as the neighborhood gentrifies more and more. Even if you’re not willing to make a forever home in Harlem, you can still rake in a tidy profit when you decide to sell.
Bushwick
Bushwick isn’t quite as far along the gentrification path as Harlem is. The neighborhood is still rough around the edges, and it lacks things like restaurants and other amenities that would cause the prices to increase.
However, the neighborhood is a far cry from what it was just a decade ago. You may not want to move in just yet, but this one definitely should stay on your radar. The prices for condos vary greatly, but it’s recommended that you go no lower than $400,000 in this neighborhood.
Crown Heights
When non-New Yorkers think about the town of Crown Heights, they automatically think of the Crown Heights riots that took place 1991. This event combined with New York’s general reputation as a hive of unrest causes them to look elsewhere almost immediately.
However, the riots were over two decades ago and any unrest from that time period has long since died. Crown Heights boasts affordable (and really good looking) condos that start at around $400,000. It still suffers from a lack of common amenities like restaurants and coffee shops, but remember that this is New York we’re talking about. Something exciting is never farther than a few minutes away.