But real estate is at a premium in this prime location, of course. Yet, regular people with regular (albeit higher-paying) jobs live in the Big Apple. How expensive is it really to own property in New York? With some patient digging around, you may be able to uncover some properties that are pretty decent, in good locations and may even fall within a reasonable price range.
One of the first things that you need to know, when you search for property in this desirable city, is The Difference Between Buying a Condo and a Co-op. One of the major differences is that Co-ops tend to be cheaper to purchase, but will also come with a higher Homeowner's Association Fee, as it includes property tax (though this is tax deductible).
The majority of apartments available for sale in New York City are Co-ops. But some digging around can still uncover a nice condominium here and there for sale.
So what can you get for under $300,000 in this city that never sleeps? Fair warning - we are talking about some of the priciest real estate in the country. What if you want to get right in the heart of Manhattan in the ultra desirable Upper West Side?
Take a look at this 1-bedroom, 1-bath Condo for sale for $299,999. Yes, seems like a lot to pay for what is essentially a three-room condo,but you're in the heart of New York. This is a fabulous location - near Central Park, the subway, shopping as well as cafes, bars and restaurants.
Manhattan is always going to be prime property with accompanying high prices, but if you're willing to move across the East River from Manhattan, there is the Queen's neighborhood, and it's not too shabby either. For $265,000, you could afford this 1921 2-bedroom, 1-bath co-op. This is a co-op, but without the restriction disallowing you to sublet the unit. This means that you do have the privilege to rent out the place if you need to, just like in a condo. This unit is in a 5-storey building called Acropolis Gardens, and while the apartment is not huge, a single person would have a spare room s/he could use for an office. This unit is located in Astoria, a very nice part of town, and two blocks from a subway station. The Maintenance Fees are $661 monthly - a fair chunk of change.
Definitely not the cheapest place in the U.S., but New York has a charm few cities can duplicate. For someone who's single, it is one place that should be top of the list. However, I always encourage doing some research to find the best place for you, because only you can decide what's best for you. But we can help you with these 10 Steps For Finding the Best Place For You. Happy moving and house hunting.
