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The Lab
Where Manhattanites Move When They Want to Stay in New York
One borough has become the standby (and it’s not Brooklyn)
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The Lab
The average Manhattan apartment by the end of March cost over $1.7 million. The borough’s rents have been stagnantly high for over five years; $1,500 monthly gets you a studio on the Upper West Side.
What’s a Manhattanite to do if he or she can no longer afford Manhattan but doesn’t want to leave New York City?
Move to the Bronx, probably.
From 2001 through 2006, over 23,380 Manhattanites relocated to the Bronx, according to an analysis by The Observer of I.R.S. data. Every year, the Bronx led the three other outer boroughs in net gains of Manhattanites. That includes Brooklyn, traditionally perceived as the natural next stop in a priced-out Manhattanite’s real estate evolution.
But Brooklyn has consistently run second to the Bronx this decade as an in-city relocation destination; and Queens and Staten Island have run a distant third or fourth.
From 2002 to 2003, for instance, Brooklyn drew a net gain of 1,627 Manhattanites while the Bronx drew nearly three times as many, 4,417. Between 2005 and 2006, the last year I.R.S. data was available, 4,680 Manhattanites relocated to the Bronx and 3,731 to Brooklyn. That represents a decade-long annual peak so far for Manhattanite migration to Brooklyn; the only other time Brooklyn experienced a net annual gain of at least 3,000 Manhattanites was from 2001 to 2002 (an effect of Sept. 11?).
Speaking of peaks! From 2005 to 2006, just over 10,000 Manhattanites moved to the outer boroughs. This happened during the two years when Manhattan apartment rents and sales prices ascended to historic records—and kept ascending.
The average Manhattan apartment price was just shy of $1 million by the start of 2005, according to appraisal firm Miller Samuel; by the end of 2006, it was over a quarter of a million dollars higher.
Also, it should be noted, Manhattan’s population of children under 5 jumped 26 percent from 2000 through 2004, according to analysis of census data by The New York Times.
Perhaps the crucible of ever-rising real estate costs joined with living costs generally (education, parking, recreation, ad infinitum); and the Bronx never looked so good to so many unwilling to leave New York City but forced to leave New York County.
A few quick caveats on the data: They do not include those New Yorkers who didn’t earn enough to pay income taxes. They’re based on the addresses from which taxpayers claimed individual exemptions. Finally, remember that it’s net migration: the number of people who left Manhattan minus the number who moved in from a borough.
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It's necessary to recognize that average rents in the Bronx are not affordable either. Riverdale runs as high as Manhattan. A one-bedroom rental in the southeast Bronx is $ 900, utilities not included. The long commute is a factor, as well as the long walk to scattered stations. Once you have exhausted the Zoo, Botanical Gardens, and parks, you're on the subway or El to Manhattan for any interesting activity from museums to street fairs.
On the plus side, the Bronx is the greenest borough, 24% parkland. Orchard Beach, long unpleasantly noisy & dirty, has reverted to being a family place. There are the Zoo and Gardens. For a couple with children, the borough is healthy and more affordable than trendier areas. For the elderly, the many buses, supermarkets, and general conveniences are good factors.
But we are all being priced out of Mr. Bloomberg's city.
There are no $900 one bedrooms in Manhattan ... not that make it to the market, anyway. Average prices in Harlem for one beds hover around $1700, which is by far the least expensive neighborhood in the borough. The Bronx is head and shoulders, more affordable than Manhattan. It's not even close...
I moved to The Bronx last year after spending two and a half years in lower Manhattan. I bought a three bedroom/two bathroom place near Yankee Stadium for $265K!!!! The place was in decent condition, but I put in a lot of high end finishes. I now live in my dream apartment of 1600 square feet, and I am one stop from Manhattan. The B/D are great, and the 4 train is right here as well in case I need to go to the East Side. I have to admit that I never would have considered living here if it was not for the major investments the city is making in this neighborhood. This is not nearly as high priced as Riverdale, which takes forever to get to and is overpriced.
Harlem still has decent apartments for rent at lower than the average price. Also - condos and coops can still be found in Harlem that does make it the most affordable area of Manhattan (other than Washington Heights).
The Bronx does not have as many transportation options though. Harlem up to 145th is served very well with Public Transit including the express stops at 145th and 125th streets (midtown in less than 10 minutes).
Something to think about before abandoning Manhattan altogether!
Out of all 5 boroughs, the Bronx indeed has the cheapest rent by far. Thats mainly because for decades, the Bronx as been considered the forgotten borough where developers and investors refused to put their money in.
Now that Manhattan has pretty much peaked as far as development and prices, investors are now pushing the new development threshold further north like Harlem. That's why you see so many new buildings/condos going up. Next stop is Washington Height, Dyckman, Fordham Road in the Bronx, Yankee Stadium area, northwest and northeast Bronx by Van Cortlandt Park and Gunhill Road/White Plains.
In my opinion, it's both a good thing and a bad thing depending who you ask. The good thing is that with new "high class" development in the Bronx, you indirectly force out any "ghetto" or "undesirable" people from the Bronx who contributed to the bad reputation the Bronx has had for decades. I know it may sound harsh but it's true. Look at Harlem now! Ever since new "high class" development have been going up, Harlem has become a safer and more beautiful place to live. As oppose to years ago when all you would see is graffiti riddled building, abondoned/burned down buildings and so on. It was crime infested and an eye-sore to look at the condition of Harlem at that time.
The bad side is... not everyone is "ghetto" or undesirable. The good people get priced out and have no choice but to move to somewhere cheaper. Or even possibly move out of NY altogther.
I recently moved from 82nd &2nd Ave from a walkup paying $1,700 for a small 1 bedroom. We needed more room and decided to go to the throggs Neck section and found a newly renovated 2 bedroom w/high end kitchen,yard driveway and much more paying $1,600. We have Zagat rated restaurants, live by the Sound w/ private clubs with pools and slips for boating. How can you pass that up.