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Some of the Top Neighborhoods for Buying a Home in New York

November 22, 2019

Home buying requirements often tend to vary, and finding a home that meets your needs to a tee can be quite challenging. However, most real estate experts suggest that paying attention to the neighborhood is more important than narrowing down on a suitable home. A home, after all, can be remodeled and fixed.

 

Top Neighborhoods for Buying a Home in New York

New York, with its diversity, gives homebuyers several great neighborhoods from which to choose. Here are some that are well set or up and coming.

 

Manhattan

If you like the hustle bustle typically associated with New York, you’ll feel right at home in Manhattan. Often referred to as The City, Manhattan is described as the financial, cultural, media, and entertainment capital of the world.

 

The average median home value in Manhattan is around $1,190,000, with there being a 4.4% year-on-year decline in home values.

 

Manhattan has over 350 primary and secondary schools. Public schools in the area fall under NYC Geog District # 2 - Manhattan or NYC Geog District # 3 - Manhattan. Residents may also choose from schools that are part of NYC Geog District # 4 – Manhattan and NYC Geog District # 5 – Manhattan.

 

There are several big hospitals in Manhattan, some of which include Bellevue Hospital, Lenox Hill Hospital, Lower Manhattan Hospital, and Metropolitan Hospital Center.

 

Chelsea

Predominantly residential, Chelsea offers a mix of townhouses, row houses, apartment blocks, city housing projects, and tenements. In addition, the area’s social and ethnic diversity is plain to see through its many retail businesses. Eighth Avenue boasts of a carnival like atmosphere all through the year.

 

The average median home value in Chelsea is $1,648,800. There has been a 5.1% decline in home values from August 2018 to August 2019.

 

With 19 primary and secondary schools, Chelsea gives its residents numerous education alternatives from which to choose. Public schools in Chelsea are part of NYC Geog District # 2 - Manhattan, although residents also get to choose from schools that are in the Hoboken Public School District and the Weehawken Board Of Education School District.

 

The nearest major hospitals include Bellevue Hospital Center and NYU Langone Medical Center in Kips Bay as well as the Beth Israel Medical Center in Stuyvesant Town.

 

Hell’s Kitchen

Hell's Kitchen's gritty reputation is long gone. It is now home to numerous entertainment and dining alternatives. It merges with the Theatre District, where Broadway and Off-Broadway shows are all too common. Long favored by many new actors, it has also started attracting young Wall Street financiers.

 

The average median home value in hell’s Kitchen is around $884,000. There has been a 5.1% year-on-year decline in home values.

 

The New York City Department of Education operates three public elementary schools in Hell's Kitchen as well as 10 high schools. The rate of student absenteeism in Hell’s Kitchen and Chelsea is lower than in other parts of NYC. In addition, more than 80% of the neighborhoods’ high school students graduate on time, which is over 5% more than the citywide average.

 

Major hospitals that are easy to access from Hell’s Kitchen include the Bellevue Hospital Center and NYU Langone Medical Center in Kips Bay along with the NewYorkPresbyterian Hospital in Upper East Side.

 

West Village

In 2017, West Village earned the distinction of having the most expensive residential property sale prices in the U.S., with prices typically exceeding $2,100 per square foot. It is regarded as an important historical landmark linked to the American bohemian culture of the early and mid-20th century. The now-famous Stonewall Inn is located just off Seventh Avenue and Christopher Street.

 

The average median home value in West Village is around $1,810,400. There has been a 5.1% decline in home values from August 2018 to August 2019.

 

West Village is home to four schools. While the NYC Geog District # 2 - Manhattan operates public schools in West Village, residents also get to choose from options that are part of the nearby Hoboken Public School District and the Elysian Charter School.

 

Major hospitals that residents may turn to include Lenox Health Greenwich Village as well as the Bellevue Hospital Center and NYU Langone Medical Center in Kips Bay.

 

Top Neighborhoods for Buying a Home in New York 1 - Meadowbrook

 

East Village

East Village has been home to free-thinkers and artists for a while. While corporate interests have made inroads into some parts of this neighborhood, the area around the St. Mark’s Church on Second Avenue continues to support local art and artists.

 

The average median home value in East Village is around $1,264,200. There has been a 7.1% decline in home values from August 2018 to August 2019.

 

There are 23 primary and secondary schools in East Village. The public schools in East Village are part of NYC Geog District # 1 - Manhattan. The Northside Charter High School and NYC Geog District #14 - Brooklyn are in close proximity.

 

Major hospitals that are easily accessible include Beth Israel Medical Center in Stuyvesant Town, the New York Presbyterian Lower Manhattan Hospital in the Civic Center area, as well as NYU Langone Medical Center and the Bellevue Hospital Center in Kips Bay.

 

Williamsburg

Williamsburg, in Queens, on the other side of the water from the East Village, wins the popularity contest with visitors heading to this part of New York. This neighborhood boasts of a great nightlife as well as numerous restaurants, vintage designer shops, and indie fashion alternatives.

 

The average median home value in Williamsburg is around $931,900. There has been a 4.7% decline in home values from August 2018 to August 2019.

 

Williamsburg’s public schools are part of NYC Geog District #14 - Brooklyn. The neighborhood has a total of 55 primary and secondary schools. Other alternatives include the Believe Northside Charter High School and the Bedford Stuyvesant New Beginnings Charter School.

 

Woodhull Medical Center is the nearest major hospital. In addition, the neighborhood has several medical clinics.

 

Park Slope

In 2010, Park Slope was ranked as the most desirable neighborhood in New York by the New York Magazine. The American Planning Association called it one of the “Greatest Neighborhoods in America" in 2007. Fifth Avenue and Seventh Avenue are home to the area’s commercial interests such as shops, bars, and restaurants. The east-west side streets house lines of apartment buildings.

 

The average median home value in Park Slope is around $1,227,300. There has been a 6.9% decline in home values from August 2018 to August 2019.

 

Park Slope has as many as 22 primary and secondary schools. Public schools in the neighborhood belong either to NYC Geog District #15 - Brooklyn or NYC Geog District #13 - Brooklyn. The Bedford Stuyvesant New Beginnings Charter School and NYC Geog District #17 - Brooklyn are in close proximity.

 

The New York Presbyterian Brooklyn Methodist Hospital is a major hospital that is located in Park Slope.

 

Jackson Heights

Jackson Heights has found favor with middle-class homebuyers since the early 2000s, primarily because of its cultural diversity and the unique architecture of buildings in the area. Street food from the world over is easy to find along Roosevelt Avenue from 74th to 108th Street. A stretch of Roosevelt Avenue that is home to several bars and clubs often makes for comparison with Christopher Street in the West Village.

 

The average median home value in Jackson Heights is around $554,200. There has been a 3.4% decline in home values from August 2018 to August 2019.

 

There are a total of eight schools in Jackson Heights. Public schools in this neighborhood belong to NYC Geog District #30 - Queens. Other school districts in the vicinity include NYC Geog District #32 - Brooklyn and NYC Geog District #25 - Queens.

 

The Elmhurst Hospital Center in Elmhurst is the nearest large hospital.

 

Other Popular Neighborhoods in NYC

Some of the other neighborhoods that find favor with people who wish to buy homes in New York include Gramercy Park, Harlem, Hudson Valley, the Hamptons, Windsor Terrace, East Williamsburg, Bushwick, Bedford–Stuyvesant, Melrose, Mott Haven, Fordham, Long Island City, and St. George. Alternatively, people who wish to move beyond the city may also take a look at what the top neighborhoods in Long Island have to offer.

 

Top Neighborhoods for Buying a Home in New York 2 - Meadowbrook

 

What You Need to Know About Buying a Home

Before you think about buying a house, take time to learn about the pros and cons of owning a home. Take your individual needs into account before narrowing down on any neighborhood. For instance, do not fail to account for the time you will need to spend commuting to and from your workplace. Other aspects that need your attention include:

  • Affordability – after taking into account income and expenses
  • The down payment and closing costs
  • Selecting a mortgage lender
  • Getting preapproved for a loan
  • Comparing multiple listings and carrying out home visits
  • Making an offer

 

Selecting a Mortgage Lender

The neighborhood you select notwithstanding, it is important that you work with a reliable mortgage lender. Finding a mortgage lender who might work well for you requires that you pay attention to different aspects. The interest rate you get has a significant effect on the overall cost of your loan, and even a small difference in percentage can make a noticeable dollar-value difference. Take a close look at all the fees you might need to pay, which may come in the form of application fees, loan origination fees, document preparation fees, credit report fees, assumption fees, closing fees, and prepayment penalties.

 

When getting a loan to purchase a home, flexibility in terms and conditions might make the entire process more borrower-friendly. For example, several borrowers benefit by being able to choose from making weekly, biweekly, and monthly repayments. Some lenders provide home loans that come with fixed interest rates for the initial period of the loan while moving to a variable rate at a later stage. Some borrowers also look for features such as redraw facilities and repayment pauses.

 

Since getting a mortgage requires a long-term association with a lender, do not forget to pay attention to customer service levels. An easy way to do this is to look for testimonials or reviews written by previous or existing borrowers.

 

Choosing the Right Type of Mortgage

When it comes to applying for a home loan, you get two basic alternatives from which to choose. In both cases, eligibility might involve meeting different criteria, including having good creditworthiness. Your credit score might also play a role in the interest that applies to your loan.

 

Government-Backed Loans

No matter whether you are a first-time homebuyer or not, you can think about applying for a government-backed home loan through a mortgage lender. The U.S. Department of Agriculture (USDA) provides USDA loans.  The Department of Veterans Affairs (VA) guarantees VA loans. Similarly, the Federal Housing Administration (FHA) insures FHA loans, but note that FHA insured loans come with the additional cost of mortgage insurance regardless of the down payment amount. The benefit of most government-backed loans, however, is that they require you to pay little to no down payment.

Conventional Home Loans

Conventional home loans are ones that you may get through banks, credit unions, mortgage lenders, and private lenders. With a typical conventional home loan, you may be able to pay as little as 3% of the home’s selling value as a down payment, but the average down payment can range anywhere from 5% to 20% of the home’s selling value based on your comfortability and various circumstances discussed with your loan officer.

 

Conclusion

It is only normal for people to want to buy homes in which they can lead safe and comfortable lives. Fortunately, there are a number of neighborhoods in New York where people from different walks of life can feel right at home. Once you narrow down on a suitable locality, think about approaching a lender to get preapproved. This way, you can limit your search to homes that fit your budget.

First Time Homebuyer’s Guide

Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.

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