Determining the amount of money you’ll spend when buying a home in Brooklyn depends on your neighborhood and the type of house, condo, or penthouse you want to purchase. With our guide, you will know what average home price in Brooklyn to expect when you are making the move.
Brooklyn is truly known as one of the nicest and most lively parts of all New York. Even those who have never visited New York City before know about Brooklyn and its unique style, character, personality, and locations. There are things that you can do in Brooklyn that you simply cannot do anywhere else in the city and the country and the world. It’s no surprise that people want to move from all over the globe to this special borough of New York City.
But you cannot move to a place unless you know how much it costs to live there. Luckily, finding out how much a home costs in Brooklyn isn’t that hard. However, there are many elements at work when deciding the cost of living in Brooklyn. Because of its vast number of things to do, places to eat and shop, locations to enjoy, and the charm of the borough, living in Brooklyn has never been so expensive and it’s never been so hard to find a place. Let’s take a deep dive on the average home price in Brooklyn so you can determine if it’s the right fit for you.
How expensive is it to live in Brooklyn?
Brooklyn is just one of the five boroughs that make up all of New York City but it might be the most popular one. Once known as a rougher part of town, Brooklyn has gone through many changes over the years and is now bursting with tons of culture and things to do.
There is also a lot of variety when it comes to settling down and making a home for yourself in Brooklyn. When you want to buy a property in Brooklyn, you can own a penthouse, a townhouse, or apartment for sale. With each of these types of homes, you have different things to consider and, of course, different price points to have in mind. But you can rest assured that most of the time you will get a great bang for your buck because all parts of Brooklyn offer something special and each type of dwelling can give you great access to all the borough has to offer.
It doesn’t matter what type of home you are looking for in Brooklyn, you should be aware of the average price so you know what to expect.
When it comes to living in an apartment, most estimates say that it costs around $3,000* a month to rent in Brooklyn. But if you are looking to purchase a home in Brooklyn, you will be spending around $940,000 as the median sales price*. All of this depends on what part of town you are living in and the level of quality that you are getting for your purchase.
*Data from UrbanDigs
What neighborhood should you live in?
Over the last 300 years, Brooklyn has evolved into a small town into a major metropolitan location that attracts all types of people for a number of different reasons.
There are a number of neighborhoods within Brooklyn that are very attractive to people. You have plenty of options when you are moving here. You could find a home for yourself in Brooklyn Heights, Park Slope, Williamsburg, Greenpoint, Cobble Hill, and beyond.
If you are trying to stay within your budget, you would be wise to stay away from Brooklyn Heights, as it is one of the most expensive neighborhoods in the area. It has come a long way since its founding in the 1800s and it is now one of the most expensive and sought-after parts of Brooklyn.
However, other locations, such as Cobble Hill, will also be rather expensive too depending on the age of the building you’re renting or buying. However, it should be noted that even those who are living in the less expensive parts of Brooklyn, such as Fort Greene or Bushwick can find a place that is comfortable and modern too.
What is the average price of a Brooklyn penthouse?
If you want to truly enjoy Brooklyn living, there are few better ways to do so than by buying a penthouse. The amount of things you can do in Brooklyn is enormous and no matter what neighborhood you purchase your penthouse in, you’ll have so many options.
But you should be well aware of the price of a penthouse in this city. Most penthouses in the area will start above $4 million but some of them can cost a lot more. In fact, some penthouses in Brooklyn have cost tens of millions of dollars more than that.
What is the average price of a Brooklyn townhouse?
A simple online search for townhouses in the Brooklyn area will prove that buying a townhouse is probably a cheaper route than a penthouse. Of course, you may get less size and less modern amenities when you are purchasing a townhouse.
A townhouse is a property that shares at least one or two walls with a building that is literally right next to it. That means you might feel like you’re living in close quarters with your neighbors, but you’ll have your own space and get your own entrance too.
A townhouse in Brooklyn is known to cost at least $1 million, although some of them are much pricier than that depending on the neighborhood you buy it in.
What is the average price of a Brooklyn condo?
Many people are very satisfied with owning a condo in Brooklyn. They are given a whole lot of great features, including fitness centers, good security, pools, laundromats, and more. But condos in Brooklyn aren’t cheap, just like they aren’t in most parts of the country. It is not uncommon to spend around $900,000 to $1 million for a condo in this part of town.
There are so many great things about living in Brooklyn, New York that you will never be out of activities to do. You will be able to visit the best museums, the yummiest restaurants, and the most well-known and beloved events in New York City. Of course, finding a place that is right for you isn’t always easy.
But it can be easier if you rely on BARNES New York to make your Brooklyn dreams a reality. We have a team of professional experts who knows the ins and outs of the market, what to be aware of and a detail analysis of the average home price in Brooklyn. With our hard work and deft handling of real estate, you will soon find a home in Brooklyn that is exactly what you’ve always wanted. If you are curious about making the move to Brooklyn and beyond, you should contact us today.