9 Most Expensive Neighborhoods in NYC
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For the last decade in the U.S., home prices went up by 88%.
Since the pandemic hit in 2020 housing market has never been the same. It became necessary to recover what was lost in the pandemic, and in New York City, apartment demand has never been higher.
You should know that New York City is the most expensive city in the U.S. for renting a one-bedroom apartment!
The average rent for an apartment in Manhattan is $5,000. Manhattan is the most expensive and most densely populated borough in the Big Apple, and this list only consists of Manhattan neighborhoods. Over half of the 50 wealthiest neighborhoods in NYC are located in Manhattan.
The U.S. housing price changes 2021-2022:
- Rent prices increased by 14.07%
- Housing sale prices increased by 15%.
New York City housing price changes 2021-2022:
- Rent prices increased by 35%.
- Housing sale prices increased by 13.1%
The most expensive neighborhoods in the Big Apple are NoHo, Hudson Yards, TriBeCa, Central Park South, Nolita, Theatre District, Bowery, SoHo, and Civic Center.
Median price sales for NoHo, Hudson Yards, TriBeCa, and Central Park South are above 3 million dollars.
Be aware that the prices are constantly changing and are relevant for December 2022 only.
1. NoHo (North of Houston Street)
With its median sales price of $3.25 million and an average renting price of $5,725, NoHo is the most expensive neighborhood in NYC.
It is located in Lower Manhattan between two Villages and surrounded by all the goods.
For some time, NoHo was considered a ‘Warehouse district’ and a part of SoHo. It has always been trendy and underground at the same time, with the CBGB club and the homes of many artists, including Andy Warhol.
After the gentrification at the start of the 21st century, it primarily became its own residential area. Today it has many galleries and interesting locations and is famous for its loft apartments with high ceilings.
Some of the nicest apartments in the neighborhood are 40 Bond, 50 Bond, 40 Bleecker Street, and 21 Astor Place.
2. Hudson Yards
The second most expensive neighborhood on this list is Hudson Yards. This fresh and growing area has a median sales price of over $3.2 million and an average renting price of $3,300.
It is located on the West Side of Midtown Manhattan. Many big companies are located here, such as Google, Guardian, and Intercept Pharmaceuticals.
This fastly growing area plans to have 16 high-rise buildings and two million square feet of hotel space by 2024. Its new attraction is Edge, the observation deck that is the highest one in the Western Hemisphere.
3. TriBeCa (Triangle Below Canal)
Tribeca is the first choice for many celebrities and techies. With its median home price of above $3 million and an average renting price of $4,912, it comes third most expensive on the list.
In the 1970s, Tribeca used to be an industrial neighborhood and home to many artists. They used its buildings many big lofts and made them their studios. Now those are rented and sold for a fortune.
On the other hand, Tribeca really is an excellent area to spend your time in. It is near the Hudson River and Hudson River Park. There is Teardrop Park and a lot of greenery throughout the city, which is very suitable for raising kids.
443 Greenwich Street is a popular residence for a large number of celebrities!
4. Central Park South
Everyone’s dream is to have a window view of Central Park and Fifth Avenue in the City That Never Sleeps. Some people can fulfill them. Central Park South is home to a billionaire community.
Numerous penthouses located here are often sold for more than 10 million dollars. The average rental price for a 2-bedroom apartment is $8200. Some of the most expensive and popular buildings are in the Central Park South area. Those are One57, 432 Park Avenue, and 111 West 57th.
Central Park only has 3 blocks, but the value of those is enormous! Its frenetic atmosphere attracts tourists as well as locals. It is home to many big and famous hotels, stores, and restaurants.
There are some more affordable places and apartments to find here, but the experience and looks are the total opposite. There is a big difference between those prices and penthouse prices, which is why this area is not number one on the list.
5. Nolita (North of Little Italy)
Surrounded by SoHo, NoHo, Lower East Side, and of course, Little Italy, Nolita is a part of the most expensive group of areas in NYC. In the last couple of years, it has been heavily influenced by SoHo and NoHo, becoming one of the chicest places in the borough and wider. Its median home price is around $3 million, and its average rent is $5,400.
This former Italian neighborhood was filled with Italian bakeries, churches, and stores. Nolita kept some of that charm until today. It is small but packed with vintage stores, jewelry stores, galleries, and art stores! It is home to many excellent Italian restaurants, such as Emilio’s Ballato and Epistrophy.
It is also a prominent tourist location since it is near the world-famous Katz Delicatessen.
6. Theatre District
In the core of the Midtown stands the Theatre District, the 6th most expensive neighborhood in NYC. The median home sales price here is $2,9 million, and the average renting price is $3,588.
It is commercially the most popular area since it is home to Times Square.
The name itself says that this area has a lot of theatres and cultural sites. It is home to around 39 Broadway theatres and other theatres, movie theatres, and restaurants. Who wouldn’t want to live in the cultural center of the city? That is why many new buildings have been built in the past decade, attracting people who want to live in the center and near the center of happenings.
Bowery is New York City’s oldest street!
It is a street and a neighborhood at the same time. It is located in Lower Manhattan and is surrounded by Soho, East Village, and Lower East Side.
Being a nouveau riche neighborhood that flourished in the last couple of years, it also had a growing property price! $2,35 million is the median price for a home. Since it is a small area with significant demand for condos, its average rent is $5,373. On average, 54 days are needed for a house to be sold here.
8. SoHo (South of Houston Street)
This area is smack in the middle of Downtown Manhattan. With its cobblestone streets, fancy restaurants, and big range of shops, SoHo is considered one of the most fashionable areas in New York City. From industrial zone and lofts used for manufacturing factories to contemporary’s man’s haven, SoHo’s transformation hasn’t stopped yet.
The median house price is $2.2 million, and the average renting price is $4,000. Make sure you earn more than $140,000 a year to live comfortably.
Soho is a great place for young professionals as well as families. It has above-average public schools and lots of green playgrounds. Some of its nooks are James J. Walker Park, Spring Street Park, and Freeman Plaza West. The dining scene is phenomenal here, and there is always something to do.
9. Civic Center
South of Chinatown, east by the East River, on the south by the Financial District, as well as in the west by Tribeca, stands Civic Center.
It encompasses New York City Hall, Mayor’s Office, and other municipal buildings. Its location is its biggest asset since you can get to Tribeca and SoHo on foot! You can spend your days in the surrounding areas while having a cheaper base in the Civic Center.
The one-bedroom studio here goes for around $700k, a two-bedroom studio goes for $1.2 million, and you can get a three-bedroom studio for $1.5 million.
For a one-bedroom place, be prepared to pay $4,800 for the monthly rent!