Top 7 Cheapest neighborhoods in NYC with the Best quality of life – 2024

Many factors make NYC an appealing area to live in. The city has a thriving nightlife, a diverse dining environment, lively entertainment, shopping options, and a wide range of interesting things to do.

Considering the amount of money, you need to settle in the best neighborhoods in NYC, moving to New York City can be a tough decision. Whether you’re moving within the country or from afar, finding the cheapest place with the best living experience in NYC is important.

In this article, we’ll take you through the top 7 cheapest neighborhoods to live in NYC with the best quality of life in 2024.

 

Methodology

We based our ranking of the 7 cheapest places to live in NYC on the median cost of buying a property in 2023, the median cost of rent for a 1-bed apartment in 2023, and the quality of life. We collected the data from Rocket Homes Real Estate Housing Market Reports and Zillow. To help you compare, As of July 2023, the median cost of buying a property in NYC is $834,847 and as of August 2023, the median rent for a 1-bedroom apartment is $3,400

The “Best quality of life” aspect is measured based on feedback from real people who have moved to this area in our database or real people from trusted online forums. More specifically, we look for positive feedback on job opportunities, quality of education, quality of healthcare, feeling of safety, public transportation, environment (cleanliness), as well as availability of recreational facilities and parks.

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Cheapest neighborhoods in NYC

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1. Forest Hills

Forest Hills, Queens - Street Sign

Median 1-bed apt rent: $2,450

Median property buying cost: $477,600

Forest Hills is well-connected with 71st Avenue station, ensuring convenient transportation options for residents. If you decide to live here, you will be glad to know that, as of June 2023, the median rent for a 1-bedroom is $2,450, while the median cost of buying a property is $477,600 as of July 2023.

The neighborhood provides diverse recreational areas, with Austin Street serving as the main commercial hub. For outdoor enthusiasts, Forest Park, one of Queens’ largest parks, provides ample green spaces for runners, bikers, equestrians, and hikers.

In terms of education, it is home to Forest Hills High School, which was ranked #342 out of 4,093 schools as of 2023, placing it in the top 10% of New York’s public schools.

 

Rocket Homes (June 2023) & Zillow (July 2023)

 

Forest Hills, NYC

2. Astoria

Astoria - Astoria Park

Median 1-bed apt rent: $2,398

Median property buying cost: $900,000

Astoria offers a unique blend of old-world charm and modern amenities. It is home to the arts, excellent dining options, and a wide range of entertainment venues.

The neighborhood provides a variety of employment opportunities, particularly in the hospitality industry, with numerous restaurants, coffee shops, and bars scattered throughout the area.

Families appreciate Astoria Park for its waterfront views, expansive green spaces, and sports facilities. It’s a beloved recreational area for locals. The median rent for a 1-bedroom is $2,398 as of July 2023, and the median cost of buying a property is $900,000 as of June 2023.

 

Rocket Homes (June 2023) & Zillow (July 2023)

 

Astoria, NYC

3. Woodside

woodside nyc

Median 1-bed apt rent: $2,343

Median property buying cost: $530,000

Woodside offers a mix of residential and business areas, and because it is close to home, locals may have convenient access to recreational facilities. The area offers employment opportunities, especially in the hospitality and retail sectors, with numerous restaurants, shops, and businesses scattered throughout the neighborhood.

Locals of Woodside can enjoy several recreational areas, including Windmuller Park and Doughboy Park, which provide green spaces for relaxation and outdoor activities.

Locals praised Woodside’s friendly community and convenient location. In terms of rent prices and property costs, the median rent for a 1-bedroom is $2,343 as of July 2023, and the median cost of buying a property is $530,000 as of June 2023.

 

Rocket Homes (June 2023) & Zillow (July 2023)

 

Woodside, NYC

4. Midtown East

Midtown East - Central Park

Median 1-bed apt rent: $3,995

Median property buying cost: $1,106,325

Midtown East is a bustling neighborhood in Manhattan known for its central location and landmarks such as Central Park, Grand Central Terminal, and the United Nations headquarters.

While there are no schools directly within Midtown East, residents have access to the United Nations International School. This institution fosters strong character traits in its students, such as honesty, compassion, and respect.

As of July 2023, the median rent for a 1-bedroom is $3,995, and the median cost of buying a property is $1,106,325 as of June 2023, making it one of the cheapest neighborhoods to live in NYC.

 

Rocket Homes (June 2023) & Zillow (July 2023)

Midtown East, NYC

5. Yorkville

yorkville nyc

Median 1-bed apt rent: $3,150

Median property buying cost: $1,100,000

Yorkville, a neighborhood situated on the Upper East Side of Manhattan, is home to Carl Schurz Park, which offers stunning waterfront views and outdoor activities. Residents often praise Yorkville for its friendly and welcoming atmosphere, lively restaurant scene, and access to Central Park.

Also located in Yorkville is Hunter College High School, which is well-known for its strengths in the humanities and provides advanced math and scientific courses. As of July 2023, the median rent for a 1-bedroom is $3,150, and the median cost of buying a property is $1,100,000 as of June 2023.

 

Rocket Homes (June 2023) & Zillow (July 2023)

Yorkville, NYC

6. Cobble Hill

cobble hill, nyc

Median 1-bed apt rent: $3,888

Median property buying cost: $1,442,500

Cobble Hill is a delightful neighborhood characterized by its charming streets and historic brownstones. The area is known for its upscale and trendy atmosphere, which attracts a diverse population of residents.

It is home to Cobble Hill Park and Brooklyn Bridge Park, which provide serene green spaces and recreational facilities. Locals frequently praise Cobble Hill for its welcoming atmosphere, diverse dining options, and overall charming ambiance.

However, while the median rent for a 1-bedroom is $3,888 as of July 2023 and the median cost of buying a property is $1,442,500 as of June 2023, it’s still considered one of the cheapest neighborhoods to live in NYC.

Rocket Homes (June 2023) & Zillow (July 2023)

 

Cobble Hill, NYC

7. Park Slope

6. Park Slope - The 8 Best Neighborhoods in Brooklyn in 2022

Median 1-bed apt rent: $3,350

Median property buying cost: $1,651,666

Park Slope is known for its family-friendly environment and tree-lined streets. It has some best-preserved row houses and beautiful brownstone, creating a unique and picturesque atmosphere.

Prospect Park is situated right on the border of Park Slope, providing a recreational area near the neighborhood that offers green spaces, playgrounds, and a zoo. Locals enjoy visiting Prospect Park for outdoor performances, picnics, and jogging.

In terms of housing and rental, the median cost of a 1-bedroom apartment is $3,350 as of July 2023, and the median cost of buying a property is $1,651,666 as of June 2023.

Rocket Homes (June 2023) & Zillow (July 2023)

Park Slope, NYC

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Conclusion

Although NYC and its suburbs are expensive, there are places that can be considered affordable, depending on your budget. Living in New York City can be tough, especially if you are looking for the cheapest places that have good amenities to offer; however, there are many cost-effective places to consider.

With the help of this guide, you may choose among the cheapest neighborhoods to live in NYC with the best quality of life in 2024, whether you’re moving from the places that have waterfront views to historic brownstones. 

Are you moving soon? Find out the best NYC movers near you!

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Ann Nacario

The author

Meet Ann – our head writer with a knack for making moving and city living a breeze. From the many details of moving to picking the perfect moving company, she’s your guide. Ann has a friendly yet detailed approach to ensure your move goes off without a hitch. When she’s not writing about relocation, it will always be on her mind, but you’ll catch her spending time with her three furry friends.

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