You might think that affordable and Manhattan do not fit together in the same sentence, but you can find neighborhoods that rent apartments for $1,000 or less. You do not have to give up living in the thick of it to find a place that costs only 30 percent of your household income. Here’s a little help discovering the hidden gems in what may be the city’s most famous borough, starting with the most expensive of the affordable neighborhoods and ending with the least expensive.
1. East Village
In New York City, people largely determine apartment desirability by crime rate and closeness to subway lines. If you enjoy a short walk each day, rent or buy in the East Village. The majority of the neighborhood, including the well-known Alphabet City, requires a short walk to reach the subway grid. That factor alone dropped the rental prices. The architecture boasts an old New York charm to it. You can step back in time in reference to the structures and the prices. Expect a one bedroom located on First Avenue to cost about $500,000 and to rent for between $2,500 to $3,500. For the cost, you’ll get a real community feel, local shops and cafes and Tompkins Square Park that offers both green space and free concerts. You’ll also have many bars to choose from at night. It can get loud, so buy earplugs if you need to go to sleep early.
2. Chinatown
Forget the movie, the neighborhood Chinatown is not really like that. The terrific restaurant selection really does exist. This centrally located neighborhood offers some of the lowest prices in Manhattan. It also offers a bevy of grocery stores for those who love to cook or enjoy having fresh fruits and vegetables, plus many retail stores. Expect to rent. You won’t find much for sale here. Rent for a studio ranges from $1,400 to $1,600; for a one bedroom ranges from $1,500 to $1,800; for a two bedroom costs about $2,000. One of the most popular neighborhoods, Chinatown stays jammed with residents, tourists, and cars. Do not move here if you own a car and want to drive. It can take up to an hour just to find a parking place.
3. Morningside Heights
You can purchase a lovely apartment in Morningside Heights which lies between the Upper West Side and Harlem for about $500,000. For that price, you’ll land a two-bedroom. You can rent a one-bedroom for about $1,800. It offers a “restaurant row” on Amsterdam Avenue that means you’ll have plenty of spots to dine. Many have outdoor seating so you can enjoy the neighborhood as you dine. The neighborhood lies between Morningside Park and Riverside Park near Central Park. Students and professors will find this neighborhood handy to Columbia University and the Manhattan School of Music.
4. Yorkville
Yorkville provides another neighborhood that required a little walking to reach the subway line. That changed though with the completion of the Second Avenue extension. Expect a 15-minute walk to access other lines. It provides tree-lined streets, parking on the street and quiet areas. Expect to pay about $1,800 rent for a one bedroom and $2,000 for a two bedroom apartment. The neighborhood has its own shops, restaurants, and groceries.
5. Washington Heights
People refer to Washington Heights as “the Brooklyn of Manhattan.” You can find spacious 1,400-square-foot apartments for $575,000 if you want to buy. If you rather rent in this bastion of nature that houses Inwood Hill Park and its natural forest, you’ll pay about $1,500 to $1,600 for a one bedroom and $1,900 to $2,200 for a two bedroom. It’s one of the most family-friendly neighborhoods in Manhattan and provides one of the best school districts. Move here if you want to jog with your child in a stroller and make friends with the neighbors. Both the No. 1 and A trains serve Washington Heights.
6. Hudson Heights
Right next door to Washington Heights, you’ll find Hudson Heights, another affordable area. Believe it or not, you can buy a one bedroom for $130,000 to $275,000. Two bedrooms start at $250,000. You’ll find a bit of a price jump when you reach larger homes like the four-bedroom structures in the neighborhood which start at $500,000. If you prefer to rent, expect to pay about $1,000 to $1,500 for a one bedroom, $1,500 to $2,000 for a two bedroom and lofts from $2,400 to $3,000. The A train serves the neighborhood. It offers numerous shops, ethnic restaurants, bodegas but few nightlife options.
Go ahead and move to Manhattan. You can find affordable neighborhoods, especially if you’d like to buy a home or apartment.
