Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in New York might be more expensive than living in rural New York, there are certain neighborhoods that are definitely cheaper.
So what exactly are those New York neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in New York are the cheapest.
What’s the cheapest neighborhood to live in New York for 2020? According to the most recent census data, Howland Hook looks to be the cheaptest New York neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in New York. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around New York that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in New York.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
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How We Determined The Cheapest New York Hoods In 2020
In order to rank the cheapest places to live in New York, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 122 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In New York.” We’re lookin’ at you, Howland Hook.
Read on below to learn more about what it’s like to live in the cheapest places New York. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In New York For 2020
The median income in Howland Hook comes in at $64,184 and the median home value is $157,420 for 2020.
The median income in Ardon Heights comes in at $87,757 and the median home value is $408,846 for 2020.
The median income in Oakwood comes in at $83,626 and the median home value is $387,661 for 2020.
The median income in Great Kills comes in at $92,004 and the median home value is $404,414 for 2020.
Tottenville is the southernmost neighborhood of Staten Island, New York City and New York State, with an area of approximately 1.7 square miles. Originally named Bentley Manor by one of its first settlers, Captain Christopher Billop, after a small ship he owned named the Bentley, the district was renamed Tottenville in 1869, apparently in honor of the locally prominent Totten family, whose name can be seen on tombstones in one of the earliest churches, Bethel Methodist Church, on Amboy Road. The neighborhood is represented in the New York City Council by Joe Borelli and in the New York State Assembly by Ronald Castorina, Jr.
The median income in Tottensville comes in at $78,173 and the median home value is $399,725 for 2020.
The median income in Mariners Harbor comes in at $70,893 and the median home value is $316,042 for 2020.
The median income in Eastchester comes in at $69,654 and the median home value is $295,090 for 2020.
The median income in Bloomfield-Chelsea-Travis comes in at $75,810 and the median home value is $374,558 for 2020.
The median income in Country Club comes in at $61,099 and the median home value is $244,659 for 2020.
The median income in The Rockaways comes in at $63,514 and the median home value is $297,562 for 2020.
Summing Up The Cheapest Places In New York
If you’re measuring the neighborhoods in New York where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in New York aren’t all cheap. Borough Park takes the title of the most expensive neighborhood to live in New York.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more New York reading, check out:
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