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10 Most Expensive Places to Live in New York

New york

New York is one of the most popular places in the country to visit, with plenty to do and see. However, living there can be quite expensive. If you are considering moving to the city but would like to know how expensive it might get, keep reading as we list the most expensive places to live and provide details about each one.

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The 10 Most Expensive Places to Live in New York

1. Noho

Location: Lower Manhattan
Housing Cost: $3.25 million

Noho is a small neighborhood in New York City. The name is an abbreviation that means north of Houston Street (and Soho is short for south of Houston Street). It encompasses approximately nine blocks and is the most expensive area in the city. The average sale price of these homes is about $3.25 million, with many of the nicer buildings located on Bond Street


2. Hudson Yards

Hudson Yards
Image Credit: WalksNY, Pixabay
Location: West Manhattan
Housing Cost: $3.2 million

Hudson yards is the second most expensive area to live in New York, and you will find it in midtown west Manhattan, near where the Lincoln tunnel comes into the city. These buildings average about $3.2 million, and several of the luxury condominiums have excellent city views. Check out Hudson Avenue for a few of the more impressive buildings.


3. Tribeca

Tribeca
Image Credit: kennybran18, Pixabay
Location: West Manhattan
Housing Cost: $3.2 million

The Tribeca neighborhood is also on the west side of Manhattan but is south of Hudson Yards, just below where the Holland tunnel enters the city. Houses in this area sell for around $3.15 million, and many newer luxury condos are hoping to capitalize on recent popularity to drive prices much higher in the coming years. It’s also a popular area for celebrity sightings.


4. Central Park South

Location: Central Manhattan
Housing Cost: $3.1 million

Central Park South is a great location to live in New York, with easy access to the park. The average cost of a home in this area is about $3.1 million, as it’s extremely popular among billionaires, which drives up the price considerably. Some of the most attractive buildings are on Park Avenue, with many providing an excellent view of the park.


5. Nolita

Location: Lower Manhattan
Housing Cost: $3 million

Nolita is a word contraction that stands for north of Little Italy. It’s an area in central and lower Manhattan with some of the most expensive homes in the city. Homes cost about $3 million in this area that’s rich with entertainment and art. Many people also enjoy the trees that line the streets of this neighborhood.


6. Theatre District

Location: Midtown Manhattan
Housing Cost: $2.9 million

The Theatre District is in midtown Manhattan, and you will find many Broadway theaters there, along with cinemas and other entertainment. It’s a busy part of the city with many available apartments. However, recent development projects producing many luxury condos will likely drive up the price in the coming years.


7. Bowery

Location: East Manhattan
Housing Cost: $2.35 million

You will find the Bowery neighborhood of New York just north of Roosevelt Park. It contains several blocks and even a cemetery, with most homes costing about $2.3 million. Like other areas, new development is helping to drive up costs, with luxury condominiums in high demand. You will also find many different kinds of buildings in this area, as historical and modern architecture are on display.


8. Soho

Soho NYC
Image Credit: ludeabreu, Pixabay
Location: West Manhattan
Housing Cost: $2 million

Soho is an expensive area to live in western Manhattan, as the average home costs around $2 million. You will find plenty of cast-iron architecture in this area, and there are many stores to visit and cafés to enjoy. It used to be a hot spot for the sex industry and busy nightlife. However, since the 1980s, the neighborhood has become more upscale, with a greatly reduced sex industry.


9. Civic Center

Location: Central Manhattan
Housing Cost: $2 million

The Civic Center is where you will find the mayor’s office and several other government buildings. It’s close to Tribeca and Soho, so it’s a popular choice for people who want things to do. New development projects are driving up costs, but you can likely still find a home for around $2 million.


10. Hudson Square

Location: West Manhattan
Housing Cost: $1.9 million

Hudson Square is a newer area in New York. This area developed when Soho became overcrowded. Though there are many luxury condos, you can likely find a home easier and for less money than in Soho, with homes averaging about $1.9 million.

Tips for Buying a Home in New York

  • Save up at least 20% of your purchase price for a down payment on your new home. If you choose a home in one of the neighborhoods on this list, you will likely need at least $400,000 to start the buying process.
  • Purchasing your home in the summer can give you more options, as the average number of listings in winter is about 12,329, while summer can have 19,772 listings. Since there are more listings, prices might be more competitive, so timing is critical in reducing costs.
  • New York has several programs designed to help first-time homeowners with their purchase. For example, a down payment assistance program can help pay up to 3% of the purchase price and is forgivable after 10 years. Other programs will provide cash assistance to buyers making less than 80% of the area’s median income.
  • Get a qualified, licensed New York real estate agent to help you make a purchase, especially if you live out of state. A local agent will know the market and can point you to the best deals.

city dividerConclusion

While New York City is one of the most famous places in the world, it’s also one of the most expensive to live in. While costs will be high anywhere in the city, Manhattan is the costliest, as all the neighborhoods on this list are within its borders. Noho is the most expensive, with the average house costing $3.25 million. However, Hudson Yards, Tribeca, Central Park South, and Nolita are all close behind, with many of the homes in these areas costing more than $3 million.


Featured Image Credit: Leonhard_Niederwimmer, Pixabay

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