Brooklyn: Lower Home Prices, But Further Commute From the City

Remember a time when New Yorkers who were priced-out of apartments in Manhattan were forced to look at neighborhoods across the East River in Brooklyn?  Well, chances are, potential tenants are priced-out of those Brooklyn neighborhoods today.  Many potential Brooklynites who cannot afford neighborhoods like Williamsburg, Boerum Hill, Carroll Gardens, and Park Slope are looking at areas such as Sunset Park, Crown Heights, Bushwick, and Prospect-Lefferts Gardens. 

Pros and cons of living in latter-type neighborhoods?  Many potential tenants like the old Brooklyn vibe of these up-and-coming areas.  There is a sense of community, friendliness of the neighbors and the mom-and-pop shops.  Of course, the downside is that many of these areas are not fully developed yet and are oftentimes a substantially longer commute into Manhattan.  Nonetheless, although these up-and-coming areas are not completely developed, housing prices deeper insider Brooklyn are competing with real estate in solidly middle-class areas of Westchester, Long Island, and northern New Jersey.  It remains to be seen how the cost of living in these Brooklyn neighborhoods develops, and the extent in which real estate developers invest in these areas.

Click here to read specifics about certain Brooklyn neighborhoods.

Source: New York Times