From overall design and built-in features to location, real estate trends are constantly changing. This fact is especially true in New York City, where the opinion of what is fashionable seems to shift at a much faster rate than anywhere else in the world.
Therefore, it only makes sense that the same mindset is applied when considering the best neighborhood to settle into and call home — no matter how short-lived its glory may be.
Near the end of January, PropertyShark, a renowned real estate website, surveyed industry professionals to pin down which areas of the Big Apple would reign supreme in the new year, as well as their respective living expenses.
Without further ado, let us take the time to examine the New York City’s hottest neighborhoods in 2018.
To some experts’ surprise, Brooklyn and Bushwick have topped residents’ lists for the second year in a row. This consistency is likely due to the unique perks these boroughs bring to the table, such as backyards, rooftop access, stunning views of Manhattan, close-knit communities, and a vibrant art and cultural scene.
Although the median cost of real estate ranges from $420,000 to $650,000 in Brooklyn and Bushwick, respectively, it has not stopped members of younger generations from settling down in the region.
Just last year, this neighborhood was ranked at the very bottom of PropertyShark’s list. However, this year, a shocking shift has occurred, thus landing Harlem in third place. This can be attributed to Harlem’s real estate growth — up 171 percent since 2009 — and recently approved rezoning.
It is important to note that this area will be most popular for investment-minded for some time. However, once Harlem has endured its growing pains, it will likely earn spark some interest amongst those who wish to buy a home at a more attainable price point.
This neighborhood made a comeback after being noticeably absent from last year’s survey results. However, experts are chalking that movement up to the borough’s proximity to Manhattan, as well as developers’ increased interest in the area. After all, despite the Bronx’s lack of inventory, it boasts plenty of space, lower living costs, ample parking for those who own vehicles, and a decent commute to Manhattan — depending on one’s location and perception.
Evidently, New York City has far more living options to offer than just Manhattan. Although some locations may require a trek to get to the heart of the city, their unique culture, arts scene, and housing features may just be enough to counteract any of the cons that could be associated with living outside of the most populous area.