7 Best NYC Neighborhoods to invest in 2022: Buy your Next Property here

The article was originally published on Medium. Click here to read.

After surviving the waves of pandemics, the NYC real estate market is bouncing back now, and this time, with a stronger impact than before. Looking at the?StreetEasy?surveys, we can say that?neighborhoods like Brooklyn’s Dumbo and Manhattan’s Soho top the list.

The clubs, restaurants, shopping malls are reopening. The famous nightlife is coming back on track. And considering these factors, the buyers and renters are taking an interest in the NYC properties. Talking about the residential properties, the mortgage rate is low. So, it compels the investors to invest in residential properties more than before.

Nonetheless, no matter how lucrative the real estate market is, you should move forward with enough knowledge and current market insights. Whether you are looking for a rented condo to move in, or you are an investment buyer, check the details first. Have a look at the best NYC neighborhoods to invest in 2022!

The Best NYC neighborhoods to Invest in 2022:

Being the center of the New York metropolitan area, New York City has always been attractive for real estate investors. With five boroughs of Bronx, Manhattan, Brooklyn, Queens, and Staten Island- NYC real estate markets offer exclusive opportunities this year.

1. Soho in Manhattan:

Investing in Manhattan neighborhoods is expensive. But, looking at the demographics, you can be sure about a high return on investments. Especially, Soho is the home of luxury malls, attractive art galleries, and high-class apartments. Living here will give you a comprehensive urban feel.

Image Credit- NYCgo.com

If you are a young bachelor and plan to live in a rented house, here’s the opportunity. Many young people live here, creating a liberal atmosphere. And most of the homeowners rent their homes.

A $100+ per square foot rent can provide you with a standard living. If you can afford a cost of?$2,500 to $5,000?per square foot, you can invest in homes here easily. A lucrative opportunity it is for real estate investors, as the experts say!

2. Dumbo in Brooklyn:

Even ten years ago, Brooklyn was not as popular as it is now regarding the real estate market. As of?Quarter 4, 2021, the median home sale price in Dumbo was $2.1M. A total of 19 properties have been traded, showcasing a 171% year-over-year increase.

Hence, it is evident that Brooklyn is no longer a second priority after Manhattan as it used to be. Instead, it is leveling its class up as a desired real estate market.

Image Credit- NYCgo.com

Dumbo, in particular, is now one of the most expensive yet demanding neighborhoods for real estate investors. Also, if you want to live here at an affordable cost, it has options for that too.

Both costly large apartments and one-bedroom units are available here. According to many renowned developers, you can buy low-cost yet suitable units at 98 Front Street and surrounding areas.

3. Greenwich Village in Manhattan:

Whether you want a tiny studio to live in or plan to buy a charming pre-war home or look for apartments of any size- all are available here. Located on the lower East side of the Manhattan area, it has been a convenient home for artists and musicians.

As it has been the primary center for the counterculture movement of the 1960s, it is a popular place for LGBT communities to live in.

Image Credit- Untapped New York

With rich historical prestige, the rental price and living costs are higher here than in other places. Undoubtedly, this village can help you escape from the city’s chaos for a little high cost.

Here, you can get a studio for?$2,792, while a one-bedroom unit may cost around $4,024. If you want to invest in a two-bedroom apartment, you can get it at $6,360.

4. Washington Heights in Manhattan:

If you want spacious apartments with moderate rental costs, Washington Heights is the perfect match for you. Along with affordable housing facilities, you will get a soothing green environment to live in.

The excellent subway access has added convenience to residents’ lives. A large number of retired individuals and families are coming here to settle down, considering its affordable and comfortable lifestyle.

Image credit- Perfect Strangers of NYC

You can get a home here within a maiden price range of?$595K. According to?Realtors.com, the place was noted as a buyer’s market in December 2021. Being a buyer, you can choose your preferred one among a variety of homes as the supply of homes is higher than the demand for homes here.

5. Gowanus in Brooklyn:

Although it is often overlooked due to popular Brooklyn locales like Park Slope, Gowanus real estate market represents a high growth these days. According to recent studies, the city plans to rezone the neighborhoods for more residential developments. And this adds a hike in the rent and real estate investments.

According to a study by?Curbed, the neighborhood of Gowanus is likely to be redirected towards the waterfront. A never-seen-before luxury lifestyle will be introduced with brand new plaza spaces, public esplanades, restaurants, and shopping malls.

The projects like Gowanus Green, 272 Fourth Avenue, and 204 Fourth Avenue are reassuring the booming opportunities for real estate investors.

Image Credit- The New York Times

If you can afford to invest within the median price range of?$1.69M, you are welcome here. According to?Realtor.com, in December 2021, the median listing home price in Gowanus was $1.7M, trending up 75.7% year-over-year.

6. Kew Garden Hills, Queens:

If you are looking for a cost-effective yet elegant housing option in Queens, move towards Kew Garden Hills. This green, beautiful neighborhood is a popular destination for many nature lovers and passionate tourists. Rent your property in different tourism seasons and gain a high return on investment.

Located at the South of the Forest Hills, it is surrounded by Jackie Robinson Parkway, Forest Park, and Myrtle Avenues. The neighborhood mainly includes well-maintained single-family homes.

Image credit- The New York Times

Also, there are rental apartments in medium-to-large complexes. The neighborhood is a place for excellent outdoor recreation, green parks, and cemeteries.

As of?September 2021, the median asking price for sales in Kew Garden Hills is $320K. And the median asking rent is $1,885.

7. The Upper East Side, Manhattan:

Both the costliest and the cheapest options for real estate investment are available here. Undoubtedly, the Upper East Side in Manhattan is the most demanding place for upscale real estate. The areas along the eastern side of Central Park include the most expensive homes in New York City.

With a handful of designer boutique shops, prep-schools, a comfortable lifestyle, and a quiet environment, buyers are likely to opt for this place often.

Image Credit- The New York Times

The affordable apartments, vast townhouses, and brownstones are the attractions of the Upper East Side real estate market. People often fall in love with the serene and sophisticated life found here.

If you want to invest here, you can find exceptional properties within the median price range of?$1.55M. In?December 2021, this area’s median listing home price was $1.6M, trending up 10.7% year-over-year.

Where should you Invest in NYC- Wrapping it Up:

Apart from the above-mentioned neighborhoods, places like West Chelsea and Hudson Square are popular in terms of property investments. So, it is evident that even after the massive hit of lockdown and uncertain employability, the NYC real estate market is not at all slowing down.

Image Credit- Sotheby’s International Realty

As per the recent?study, pending sales have been increased by 10.8 % by 2021. The prices for New York homes are higher than the last year. Around 30,000 listings are now active in the New York real estate market.

So, if you plan to dive into this real estate market, go for it. However, do not forget to check out the current stats and trends before visiting the property dealers.

Planning to move to NYC? Do not miss the do's and don'ts for moving to a new city. Click?here?to learn them.