For many people, living in New York City is expensive. Every year the cost of living in The Big Apple increases and real estate prices are going up at a significant rate. According to recent reports made by StreetEasy, the average resale value of homes in Manhattan reached $986,314 in August and the average rent in Manhattan is expected to reach as high as $3,092 this year.
It’s easy to believe moving to the outer parts of Brooklyn and Queens will alleviate the stress of high-priced properties and cheaper rent, but according to information provided by StreetEasy, the numbers reveal that there are places in Brooklyn and Queens that surpass Manhattan on the price list.
Four Brooklyn neighborhoods more expensive than Manhattan rents
Let’s examine Dumbo. If you’re having thoughts of moving to Dumbo to escape the cost of Manhattan living, then you may want to consider someplace else. Dumbo is the fourth-most expensive place to live in New York City with a median asking rent reaching $4079 in 2015. That’s about 31 percent higher than Manhattan’s median rent.
Check out the interactive chart below to see a full list of median rents in Manhattan, Brooklyn and Queens.
According to the StreetEasy data, it will cost more to live in Williamsburg, Cobble Hill and Downtown Brooklyn than to live in Manhattan.
Another chart shows the rate in which New York City rents have increased in the last five years.
If you’re considering moving to South Brooklyn you might be able to find property that costs lest than Manhattan. In 2015 the median value of a home is $365,237. That’s roughly 61 percent less than the price of a Manhattan home.
As the cost of living in New York City continues to increase, this data proves that moving to Brooklyn or Queens may not necessarily be a better solution, but this data does provide us with some insight on the price trends in the city.