Real Estate has gotten so expensive in New York City, that it's often hard to find options under seven figures. So we teamed up with StreetEasy to find the best neighborhoods with the most inventory under $1 million.
The clear winner is the Riverdale section of the Bronx.
StreetEasy Data Scientist Alan Lightfeldt says more than 800 six-figure homes are on the market in Riverdale, making it the No. 1 neighborhood in New York City in terms of number of units available for less than $1 million. Even better, many of those units are well under $500,000.
We checked out a building on the Henry Hudson Parkway that has a one-bedroom apartment listed for $170,000; a two-bedroom, two-bath apartment for $440,000; and a four-bedroom, three-bath for $875,000. Just down the road on Independence Avenue, we found a two-bedroom, one-bathroom for $295,000.
Lightfeldt says Riverdale is a great neighborhood for first-time buyers or families looking for more space.
But there are some tradeoffs. If you work in Manhattan, your commute may be a little more challenging from Riverdale because of lack of easy access to mass transit. But express buses do run to the East Side and West Side. You also have Metro North and 1, 4, B, and D subway lines.
You don't have to leave Manhattan, though, to find homes well under $1 million. You just need to know where to look.
Surprisingly, the Upper East Side has some great options. Lightfeldt says that currently more than 600 units are available on StreetEasy on the Upper East Side, and 20 percent of them are under $1 million.
A one-bedroom, one-and-a-half bath loft in Yorkville with two small balconies is going for $750,000. There's a two-bedroom, one-bath co-op on East 63rd Street in Lenox Hill for $479,000.
The tradeoff in this area? Lightfeldt says 90 percent of the units on the Upper East Side are smaller studios and one-bedroom apartments. They also tend to be in co-op buildings, which are relatively affordable, but are usually older than some of the more modern condo units coming up for sale in other parts of the city.
A little further down the East Side in Murray Hill, you can live in a one-bedroom, one-bathroom co-op on Park Avenue for $495,000.
The Upper West Side also has a lot of options. More homes are on the market here for under $1 million than any other Manhattan neighborhood. Some of them even have views of Central Park, including a two-bedroom, one-bath co-op that just made our list, squeaking in at $995,000.
The tradeoff here is the same as most other prime Manhattan addresses. Lightfeldt says you'll often sacrifice space and square footage, and will likely be in an older building without all the bells and whistles of a brand new condo.
There are plenty of other neighborhoods with great inventory and options. See map above or CLICK HERE.