It’s not news to say that real estate is expensive in New York City. Across the five boroughs, home prices are considerably higher than most other parts of the country. This is something New Yorkers have learned to live with. If you want to be a part of the greatest city on Earth, you have to pay what the market demands.
Thankfully, Staten Island has emerged as a gleaming beacon of affordability in an otherwise difficult market.
Buyers can escape the hustle and bustle of the other boroughs but still be only a 25-minute ferry ride from the heart of the city. Because of lower home prices and preferential tax advantages, right now is a great time to get into your first home or trade up for a larger space in a family-friendly area.
Home Prices are Still Affordable
Real estate prices in Manhattan are now out of the reach of all but the most well-heeled buyers. Queens and Brooklyn are less expensive but still higher than many people can afford. Staten Island remains a great location, where working-class New Yorkers and first-time homebuyers can find affordable housing in a safe area.
The median home value in Staten Island is currently $523,900. This might seem expensive, but consider that the median price in Brooklyn is $783,400. And in Manhattan, it’s $1,201,000!
Housing inventory in the other four boroughs consists mainly of high-rises and row homes. Staten Island distinguishes itself with neighborhoods full of one and two-family detached homes. This means you get lower prices and greater value, particularly if you’re looking for a place to start a family.
Property Taxes are Lower
While the effective property tax rate is higher in the more affordable boroughs, the actual amount paid in property taxes is lower, due to lower property values. This means homes in Staten Island are affordable on two fronts — the cost of the home and the tax bill that comes along with it.
The new federal tax rules also favor the area. Limits on the amount of property taxes that can be deducted have gone down. This is bad news for taxpayers in the more expensive areas, who are now less likely to be able to deduct their full property tax bill. This isn’t a problem most Staten Island dwellers will face.
North Shore Development is Set to Explode
The North Shore waterfront area is in the midst of a major revitalization effort, and those savvy homebuyers smart enough to buy now will get to enjoy the benefits.
Empire Outlets recently opened. This is New York City’s first and only outlet shopping center, featuring more than 100 major retail stores. A long-time area landfill has been shut down and plans are being drawn up to convert it into a 2,200-acre park. And when the New York Wheel, a proposed 630-foot-tall giant Ferris wheel finally gets the green light, it will be the second largest observation wheel in the world.
All of this development will bring jobs, office space, and new housing options, further increasing the value of a Staten Island home.
Now is the time to make your move! If you’re interested in looking at homes in the area, contact me, Svitlana Malinnikova at PHONE NUMBER, or visit SvitlanaMalinnikova.com. I’m an experienced realtor with extensive knowledge of the Staten Island market. Let me help you get into the home of your dreams!