It’s no secret that real estate prices in New York City are sky-high. Between co-op buildings which often require buyers to put up a 20-30% down payment to purchase a condo, to prices which average a whopping $1,462 per square foot, it can be impossible for many families to consider buying a home in New York City. If you’re sick of renting, but don’t want to spend your entire day on a Metro-North train or the Long Island Railroad, here are 7 alternative to living in New York City.
1. Hoboken, New Jersey. It’s a joke that Hoboken is the sixth borough, given it’s proximity directly across the Hudson River from Manhattan. The city is easily accessible via the PATH Train, which runs from Hoboken to the World Trade Center, and to locations along the West Side from Christopher Street to 33rd Street. When it comes to price, Hoboken averages nearly half the cost of Manhattan. According to Zillow.com, price per square foot in 2015 was about $651.
2. Garden City, New York. Located on Long Island, Garden City is one of the first towns outside of the borough of Queens. Though the subway doesn’t quite stretch to Garden City, the town is home to five Long Island Railroad stations, offering commuters plenty of scheduling options. While prices aren’t nearly as high as those in the city, you can expect to pay upwards of $700,000 for a single family home.
3. Weehawken, New Jersey. Weehawken sits directly North of Hoboken. Though you’ll have to travel to Hoboken to take the PATH Train to the city, what you sacrifice in convenience, you’ll make up for in price. Two bedroom, two bathroom condos can be had starting in the mid $300,000 range.
4. Pelham, New York. Just 14 miles north of Midtown Manhattan and one town north of the Bronx sits the tree-lined suburb of Pelham. According to Zillow.com, homes in the area average nearly $900,000, but the price comes with a perk: It’s just a 28-minute commute to Grand Central terminal via the Metro North Train, which is shorter than the subway ride from many areas in the outlying boroughs like Brooklyn and Queens.
5. Elmont, New York. Another Long Island town just east of Queens, Elmont is a popular suburb for New York City commuters. Prices in the town are significantly cheaper than you’d find in other inner Long Island towns, averaging $369,000, according to Zillow.
Are you moving in (or out!) of New York City soon? American Movers can help! We have decades of experience moving families in the New York City and tri-state area, and would be happy to offer you a free quote.