The average starter home in New York City has shrunk to the size of four parking spots

Dining room and living room of Gowanus apartment for sale on StreetEasy.
  • The cost of an average starter home in New York City ranges from $ 400,000 to $ 800,000, according to StreetEasy. 
  • Starter homes in NYC have shrunk by 9% in the last three years, the real estate marketplace found.
  • The median square footage for a Manhattan home is now equal to that of four-and-a-half parking spots.

The New York City housing market is notorious for buyers willing to pay more for less, but the size of a typical Manhattan starter home in is only getting smaller.

According to a Wednesday report from StreetEasy, starter homes in New York — ranging from $ 400,000 to $ 800,000 — have decreased in size by 9% since the summer of 2019. Although first-time residences in Queens and the Bronx have shrunk the most, Manhattan homes remain the smallest.

At roughly the size of four-and-a-half parking spaces, the median square footage for a Manhattan home as of August is 686 square feet. Homes in Brooklyn have a bit more space at a median of 924 square feet, according to StreetEasy. 

Although space in Manhattan is limited, buyers can take comfort in a significantly cheaper price per square foot than five years ago. Prices have decreased by nearly half since 2017 — from $ 1,775 to now $ 942.

If you're looking to put down roots in New York City any time soon, here are some examples from StreetEasy of what you may find on your search for a starter home.

501 square feet in Manhattan: $ 750,000

Empty living room of New York City apartment for sale

Neighborhood: Midtown South, Manhattan

Bedrooms: 1

Bathrooms: 1

Amenities: Full-time doorman, gym, laundry in building, live-in super

619 square feet in Brooklyn: $ 675,000

Living room of Bedford-Stuyvesant apartment for sale on StreetEasy.

Neighborhood: Bedford-Stuyvesant, Brooklyn

Bedrooms: 1

Bathrooms: 1

Amenities: Dishwasher, in-unit laundry, private outdoor space, gym

1,000 square feet in Brooklyn: $ 799,999

Living room of Crown Heights apartment for sale on StreetEasy.

Neighborhood: Crown Heights, Brooklyn

Bedrooms: 2

Bathrooms: 1

Amenities: Courtyard, laundry in building, skyline view

996 square feet in Staten Island: $ 475,000

Empty living room if North Shore house for sale on StreetEasy.

Neighborhood: North Shore, Staten Island

Bedrooms: 2

Bathrooms: 1.5

Amenities: Community playground, assigned parking, central air-conditioning

863 square feet in Queens: $ 650,000

Living room of Long Island City apartment for sale on StreetEasy

Neighborhood: Long Island City, Queens

Bedrooms: 1

Bathrooms: 1

Amenities: Fitness center, laundry in building, parking garage, landscaped rooftop

500 square feet in Manhattan: $ 400,000

Empty living room of Hudson Yards apartment for sale on StreetEasy.

Neighborhood: Hudson Yards, Manhattan

Bedrooms: Studio

Bathrooms: 1

Amenities: Storage available, laundry in building, private outdoor space

1,000 square feet in Brooklyn: $ 775,000

Living room of Park Slope Co-op for sale on StreetEasy.

Neighborhood: Park Slope, Brooklyn

Bedrooms: 1

Bathrooms: 1

Amenities: Wood-burning fireplace, in-unit laundry, private garden

1,995 square feet in Bronx: $ 725,000

Empty living room of Tremont home for sale on StreetEasy.

Neighborhood: Tremont, Bronx

Bedrooms: 4

Bathrooms: 3

Amenities: Private garden, fireplace, in-unit laundry, central air-conditioning

666 square feet in Manhattan: $ 759,900

Hell's Kitchen apartment for sale on StreetEasy.

Neighborhood: Hell's Kitchen, Manhattan

Bedrooms: 1

Bathrooms: 1

Amenities: Swimming pool, garage parking, gym, shared media room

714 square feet in Queens: $ 699,000

Living and dining area of a Long Island City apartment for sale on StreetEasy.

Neighborhood: Long Island City, Queens

Bedrooms: 1

Bathrooms: 1

Amenities: Doorman, gym, in-unit laundry, elevator

697 square feet in Manhattan: $ 699,000

Empty South Harlem apartment for sale on StreetEasy.

Neighborhood: South Harlem, Manhattan

Bedrooms: 1

Bathrooms: 1

Amenities: Near Central Park, in-unit laundry, 24/7 staffed lobby

655 square feet in Manhattan: $ 529,000

Living room of East Harlem apartment for sale on StreetEasy.

Neighborhood: East Harlem, Manhattan

Bedrooms: 1

Bathrooms: 1

Amenities: Dishwasher, gym, roof deck, courtyard, in-unit laundry

1,800 square feet in the Bronx: $ 699,000

Green couch inside of Concourse apartment for sale on StreetEasy.

Neighborhood: Concourse, Bronx

Bedrooms: 3

Bathrooms: 2

Amenities: Live-in super, elevators, laundry in building

709 square feet in Manhattan: $ 699,000

Living room of Lincoln Square apartment for sale on StreetEasy.

Neighborhood: Lincoln Square, Manhattan

Bedrooms: 1

Bathrooms: 1

Amenities: Swimming pool, garage parking, concierge, valet parking

700 square feet in Brooklyn: $ 795,000

Dining room and living room of Gowanus apartment for sale on StreetEasy.

Neighborhood: Gowanus, Brooklyn

Bedrooms: 1

Bathrooms: 1

Amenities: Skyline view, shared outdoor terrace, fitness center, bike room

Read the original article on Business Insider

Post Author: martin

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