New York City offers buyers some of the best investment opportunities in the state. Right now, it’s experiencing the highest population surge it has ever seen and, with more than 8,550,405 people, can only be expected to grow even more. It’s been nearly 100 years since we’ve seen this growth, and the incoming population will need a place to stay. That’s why you should invest in the following NYC neighborhoods now.
According to the 2015 Census, Queens, Brooklyn, and the Bronx experienced the highest growth, with more room to go. You can still get a good deal on properties in these areas.
BrooklynBrooklyn
Brooklyn has led the state in population growth over the past five years. Between 2010 and 2015, more than 130,000 people moved to Brooklyn, increasing the population by 5.3%. Properties in Brooklyn, however, are still easy to come by. Flatbush, Sunset Park West, and Kensington offer buyers good investment deals.
Kensington’s average listing is just over $525,000. It hasn’t experienced the million-dollar surge, but it’s primed to. The apartments are large and affordable, it’s family-friendly, and Kensington is centrally located near the subway and Prospect Park.
You can increase square footage in East Flatbush for just over a half-a-million investment. The neighborhood continues to grow, and residential housing is popping up. Flatbush investment properties are on the rise. Flatbush offers more space and budget-friendly pricing for professionals and growing families.
If you are scouting for additional properties in Brooklyn, Bay Ridge, near the great Owl’s Head Park, offers immense value for investors.
QueensQueens
Queens experienced growth of 16,700 in 2015. Between 2010 and 2015, the population of the borough jumped 4.9 percent. The neighborhoods in Queens that offer the best investment for your buck are The Rockaways, according to the NY Times, and Jackson Heights, one of the most diverse neighborhoods in the country. The median sales price for homes in the Rockaways was $430,000 in the fourth quarter of 2015, but the Times reports that you can find one-bedrooms for as little as $200,000.
Another neighborhood with swift movement is Jackson Heights. This area is densely populated and attracts buyers who want the space and history without spending millions. Buyers can find a single bedroom for as little as $200,000 to $300,000. Jackson Heights offers classic style, diverse entertainment and dining options, and an easy subway commute into Midtown.
BronxBronx
The population in the Bronx has surged by 5.1 percent in the past five years, and with that comes housing demands and investment-worthy pricing. Home sales in the Bronx jumped by more than 35%.
The South Bronx is a worthy investment. Recently, developers have targeted the area, which means more growth is bound to follow. Now is the time to snatch your piece of the neighborhood. More than $1 billion in real estate investments was injected into the South Bronx in 2015 alone.
Mott Haven / Hunts Point has experienced some of the sharpest increases in population, sales, and sale prices. The rent increase rose to nearly 29% between 1990 and 2015.
If you are ready to make big investments in these three NYC areas, you will be handsomely rewarded soon. Contact us now to find the best real estate investments in the city.