The city of New York is considered one of the most expensive places to live in the United States, with the cost of living at $86,000-double the average annual cost of living across the nation.
Although home prices are high in the city, there are several neighborhoods where housing is affordable. Here are the five cheapest places to live in New York City.
Inwood
Located just north of I-95 and west of the Bronx, Inwood was designated as Manhattan's last affordable neighborhood, per the New York Times. The area offers the lowest average rents in the borough, with a median home cost of $538,000 and a median average rent of $1,586. In comparison, the median home cost in New York City is $680,500 and the median monthly rent is $1,788.
Inwood is home to plenty of recreational activities, mom-and-pop shops, restaurants offering unique and local flavors, and a burgeoning arts scene.
Jackson Heights
Located in the Queens, Jackson Heights is an older neighborhood known for its beautiful homes and co-op gardens. The area is also well-connected to the rest of the city and is near LaGuardia Airport. The median home price in Jackson Heights is $610,000, with the rent for studio apartments averaging $1,600.
Sunset Park
Sunset Park is a thriving neighborhood in Brooklyn known for being the home of the beloved Asian grocers in Chinatown and artisanal shops in Industry City. The neighborhood also boasts one of the city's largest public pools.
As of October, the median home price in Sunset Park is $460,000, while monthly rents average under $2,000.
Washington Heights
If you've watched the musical "In The Heights," then you're probably familiar with Washington Heights. Sitting at the northern tip of Manhattan, the neighborhood is home to plenty of local eateries offering authentic Dominican food. Washington Heights also hosts cultural events like the Dominican Day Parade yearly.
The average monthly rent in Washington Heights is around $2,000 for studio units. One-bedroom apartments can go for $2,200 to $2,800 monthly.
Harlem
Harlem may seem like an expensive neighborhood to live in, but apartments east of Morningside Park can go for $1,700 for studios and $2,000 for one-bedrooms. The neighborhood is known for its striking architecture, historic churches, and the jazz scene.
