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In the United States, concerns about recession are increasing while the public feels the rapid growth of the cost of living. Recession has changed different businesses. This thought embarks the further rising of the federal funds rate that serves as a guiding tool for U.S. monetary policy. Growing numbers of people who want to buy a home, however some of them commit mistakes in buying a home and have to pull out of the market. People need to step closer to the sidelines to monitor rates while waiting for the prices of real estate to drop and as a result, a lesser and lesser demand.
In New York City, sales activity is not slowing down. The place has earned itself in people’s minds as one of America’s most expensive cities to live in. As the concrete jungle presents its finest and most expensive neighborhoods, if you want to have a pretty good space to live in, you must have a pocketful of penny.
The average rent for an apartment in Manhattan is $5,000. And prices fluctuate depending on the season. Seven of the top ten most expensive spaces are in Manhattan. Here is the list of the top 10 most expensive neighborhoods around New York City.
South of Houston
Another expensive neighborhood in NYC is SoHo, located in lower Manhattan and has a value household income of $120,582. SoHo has plenty of upscale shops same as the other expensive district. High-end boutiques, such as Hermes, Cartier, Louis Vuitton, and Gucci, sit inside the expensive district of New York. SoHo has a median monthly rent value of $4,848 and a median home value of $3,412,265.
Carnegie Hill
Carnegie Hill is a high-end neighborhood in the city of New York with a median income value of $123,854. Its upscale real estate market features some of the most expensive restaurants in New York City and stores that cater to wealthy people living around the area.
It is located on the Upper East Side and borders Sutton Place to the northeast, Lenox Hill to the south, and Fifth Avenue to the west.
Cobble Hill
Aside from the district in Manhattan where tons of celebrities own penthouses including American singer Alicia Keys, Brooklyn has Cobble Hill and it is one of the most expensive neighborhoods that sit inside the borough. Cobble Hill has a median household income of $124,111. The neighborhood inside the district is well-known for its old-fashioned cafes and busy markets. The expensive locale has a lot to offer, from large co-ops and fine condos to civic amenities with good caretaking services.
Upper East Side
Homes in the Upper East Side neighborhood have an average value of $1,500,000 with a median household income of $129,213 with an average home size of 2,500 square feet area. Upper East Side stretches from 59th Street to 110th Street, from Madison Avenue to Second Avenue and it is bordered by Central Park on the north and the East River on the east.
Similar to other neighborhoods in Manhattan, it is surrounded by upscale stores and boutiques, and fine restaurants. Historic mansions and townhouses stand around the area that was built back in colonial times.
Brooklyn Heights
Aside from Cobble Hill in Brooklyn, one of the most expensive residential neighborhood in the same district is Brooklyn Heights. Brooklyn Heights is located in the west part of Brooklyn from Brooklyn Bridge and the Atlantic Avenue Interchange. Some of the city’s luxurious and grandest private residences can be found in this expensive neighborhood where many immigrants have been in the place in recent years.
Brooklyn Heights has a median income of $139,697 and an average home value of $1,76 million.
Midtown East
In Manhattan, sits Midtown East which has an estimated 70,358 population per mile and this made the district highly populated compared to the city average of 27,013 people. Midtown East has a median household income of $171,950 and a median home value of $1.2 million.
Midtown East is also home to prestigious hotels such as Waldorf Astoria New York and the Plaza Hotel. The iconic place, Madison Square Garden is also located in the area. Midtown East is where the Macy’s Thanksgiving Day Parade is celebrated and many tourists visit for the annual celebration.
Tribeca
In Lower Manhattan, Tribeca is the most expensive neighborhood valuing a home median of $214,017. It is the place where famous museums sit, including the Metropolitan Museum of Art and the Museum of Modern Art. Including fine restaurants and shopping, including luxurious boutiques like Gucci and Prada.
Over the past decade, Tribeca has seen an inflow of professionals and families in some parts of the area. The area is a popular choice for those who are looking for the best space and convenience.
Battery Park City
Battery Park City is home to well-known establishments such as the Guggenheim Museum and Plaza Hotel. Although the high-end neighborhood is not included in the most expensive neighborhoods in the US, it is still pretty expensive. It has fine restaurants and inside the area sits the most expensive real estate in all of New York City. The neighborhood is surrounded by the Hudson River and the Hudson Shoreline and the West Side Highway.
The expensive neighborhood has an average annual household income of $265,845 and a median household income of $210,193 per year.
Lincoln Square
Lincoln Square is a diverse and thriving community and a home to people who work in the entertainment industry, including people with executive jobs, and professionals like doctors and lawyers. Lincoln Square is one of the largest neighborhoods in Manhattan with an estimated population of 41,260 people and a median home price of $1,520,000.
The neighborhood includes public parks and recreation areas including fancy restaurants, high-end boutiques, and other businesses.
Hudson Yards
Hudson Yards is the number one most expensive district in New York City. Hudson Yards is the place where big-shot projects and built by big-shot developers, including high-tech companies like Google which just built a new campus in the expensive district.
Hudson Yard is located between 42nd Street and West 30th Street in Manhattan’s western parts. Hudson Yards has an average annual household income of $166, 167 and a median household income sits at $96,787 per year.
Sources: Property Shark, Most Expensively, Point 2 Homes