New Yorkers looking to buy a home may be able to find the best bang for their buck in Queens, a new study has revealed.
The borough offers the most space for the money compared to Brooklyn and Manhattan, with an average selling price of $540 per square foot, according to an analysis by StreetEasy.
Since the median asking price for a home in New York City was $950,000, the average homebuyer in Queens would be able to snag a property that would span a median of 1,759 square feet, or $540 per square foot, according to StreetEasy.
Homebuyers in Brooklyn who purchase a property for the same price would pay $666 per square foot for a total of 1,427 square feet of space.
In Manhattan, anyone who buys a property worth $950,000 would only be able to afford 589 square feet of space — or an eye-popping $1,612 per square foot.
StreetEasy ranked the neighborhoods where one is more likely to stumble across a good deal.
Of the top five neighborhoods where homebuyers can get the most space for the lowest price per square foot, four are in Queens and one — Brownsville — is in Brooklyn.
Homebuyers in Briarwood could find a home with a median asking price of $339 per square foot — the best deal in the city, according to StreetEasy.
Brownsville had the second-lowest median asking price per square foot — $348. Rounding out the top five are Kew Gardens ($355); St. Albans ($370); and South Jamaica ($371).
Last year, homebuyers in Brooklyn paid a median asking price of $899,900 — which was about the same compared to 2020. But the media asking price per square foot was down 3.8%.
The best bets for homebuyers looking to pay the least median price per square foot in Brooklyn are Brownsville ($348); Canarsie ($420); East New York ($424); East Flatbush ($432); and Bergen Beach ($442).
The Brooklyn neighborhoods where property owners pay the highest median prices per square foot are Cobble Hill ($1,749); Dumbo ($1,693); Brooklyn Heights ($1,607); Downtown Brooklyn ($1,381); and Boerum Hill ($1,367).
Manhattan real estate has become exorbitantly expensive as the luxury market has pulled averages upward.
The neighborhoods in the city where homebuyers can expect to pay the most amount of money for the least amount of space are Nolita ($2,408 median asking price per square foot); Central Park South ($2,296); the West Village ($2,260); Midtown ($2,216); and Soho ($2,144).