Report: Parkchester is New York City’s Most Affordable Neighborhood

A new report by PropertyClub shows that Parkchester in The Bronx is New York City’s most affordable neighborhood for home buyers with a median sales price of $195,000.

Data also indicates that overall, The Bronx is the most affordable borough with a median sales price of $519,000 which is significantly less than the $700,000 median sales price for the entire city.

One of the dozens if not hundreds of statues you’ll find around Parkchester.

The report looked for the 50 most affordable neighborhoods in New York City by analyzing recorded closed sales for residential properties in 2020 and only neighborhoods that recorded 10 sales or more were included in the report.

Of the 50 neighborhoods that made the list, 12 of them were in The Bronx and are as follows:

RankingNeighborhoodBoroughMedian Price
1ParkchesterBronx$195,000.00
2Bedford ParkBronx$225,000.00
4FieldstonBronx$290,000.00
6SoundviewBronx$306,000.00
7North RiverdaleBronx$307,500.00
8Spuyten DevilBronx$325,000.00
10RiverdaleBronx$330,000.00
14Kingsbridge HeightsBronx$349,000.00
23KingsbridgeBronx$397,500.00
26HighbridgeBronx$415,000.00
28EastchesterBronx$420,000.00
50AllertonBronx$509,500.00
The top ten most affordable neighborhoods in The Bronx as per data compiled by PropertyClub

Perhaps the most surprising on the list is Fieldston, given the estates and mansions in that area, however since those properties rarely sell, only the co-ops were considered for the report which drastically skews the data a bit.

Typical car-free street scene in Parkchester

This isn’t the first time the city within the city known as Parkchester is on the list. Back in 2019 when we wrote about that year’s report which looked at prices in 2018, the median sales price in the neighborhood was $180,000.

Of note, Parkchester is also the only neighborhood on the list that’s under $200,000.

Homes in Bedford Park

In second place is Bedford Park with a median sales price of $225,000 and much like Parkchester, is a very diverse neighborhood that’s quite reflective of the overall population of our borough.

At the bottom of the list at the 50th spot is Allerton with a median sales price of $509,500, another diverse Bronx neighborhood.

PropertyClub also released a report on the 50 most expensive neighborhoods in New York City and not one Bronx neighborhood made the list so maybe, just maybe, we’re still “safe”.

BoroughMedian Sales Price
Bronx$519,000
Staten Island$550,000
Queens$605,000
Brooklyn$900,000
Manhattan$1,160,000
Median sales prices in 2020 across the five boroughs as per PropertyClub

To see the full report check it out over here.

Dear reader: Now more than ever, it is important to support local journalism, especially as told by a Bronx-born and raised journalist telling our stories. If you found this or any of our stories informative and enjoyed our photography throughout the past years, kindly consider donating to support local Bronx journalism for decades to come.

Facebook Comments