In a town famous for $100 million dollar penthouses, ritzy Upper East Side co-ops, and 20-something celebrities owning swanky downtown lofts, it’s easy to forget that not every home for sale in New York City is a “million-dollar listing.”
There’s no skirting around the fact that New York City real estate is expensive, but some might be surprised to learn that there are plenty of neighborhoods in NYC — even in Manhattan — that offer a significant number of homes for sale under $1 million. While $1 million is not the tightest budget, we wanted to find the neighborhoods with the most options for homes priced under $1 million and see what kinds of homes — whether condos, co-ops, or townhomes — are available within that price range.
To find the NYC neighborhoods with the most options for homes under $1 million, StreetEasy analyzed for-sale listings of co-ops, condos, and townhomes available on the market from January 1, 2015 through June 10, 2015.
The $1 Million Question: Can I Afford Manhattan?
Our research found that home seekers with a $1 million budget looking to live in Manhattan have plenty of options, and they may not have to look as far north as they might think. The Upper West Side, Yorkville, Upper East Side, Murray Hill, and Lenox Hill were among the top 10 neighborhoods with high inventory under $1 million in all of New York City, though much of this inventory is made up of smaller units. Downtown neighborhoods are not completely out of reach, but those determined to live among SoHo’s chic converted lofts and TriBeCa’s cobblestoned streets will have to stay on top of the market and strike quickly — there were just 30 homes for sale under $1 million in SoHo and just 8 in TriBeCa.
Condo vs. Co-op?
When it comes to condos vs. co-ops, there are far more co-ops than condos available for under $1 million, so buyers with a more limited budget should consider the co-op market. If you’re looking for a co-op, Riverdale in the Bronx was the top neighborhood for co-ops under $1 million, leading with 735 co-ops under $1 million (almost twice the amount available on Upper West Side, which comes in second with 435 co-ops under $1 million).
Dreaming of a Townhouse?
If you’ve always dreamed of a private backyard and your whole family (and just your family) under one roof, all within a NYC ZIP code, good news! It is possible to find a townhouse under $1 million — but not in Manhattan. Townhouse-seekers will have to look to Brooklyn neighborhoods like Northeast Flatbush, East New York, Bed-Stuy, and also many neighborhoods in Staten Island, to find the most options for townhouses under $1 million.
See our interactive map below to find neighborhoods with the most for-sale inventory under $1 million.
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