If you can afford to buy a home in NYC, here’s where you should do it

Study finds Richmond Hill in Queens is best neighborhood to buy rather than rent
August 22, 2017 10:20AM

From left:Bedford-Stuyvesant, Brooklyn (credit: Airbnb) and Richmond Hill, Queens

Although buying property in New York City remains a pipe dream for the vast majority of people who flock here every year to try launching acting and comedy careers, there are some residents who can actually afford real estate. The question then becomes, what neighborhood should they buy in?

The investment platform Sharestates analyzed numbers for New York City to determine which neighborhoods make more sense to buy in than rent, according to Curbed. Sharestates used calculations for return on investment, after repair value, increase in demand over the past year and median sales price for its analysis.

They found that Richmond Hill in Queens is the neighborhood where it makes the most sense to buy, as it has a median sales price of $542,500 and a return on investment at 12 percent.

Bedford-Stuyvesant in Brooklyn came in second, where the return on investment was 12 percent, the after repair value was 52 percent and the increase in demand over the past year was 75 percent. Rounding out the top five were Ocean Hill in Brooklyn at number three, Longwood in the Bronx at number four and Flatbush in Brooklyn at number five. [Curbed]Eddie Small