If you lived in New York City a decade or so ago, you may not have thought that Brooklyn’s Boerum Hill was worth a second look if you were trying to move into a new apartment. Today, it’s a whole other story – Boerum Hill is the tenth most expensive neighborhood in the Big Apple.
The median selling price on a home in Boerum Hill is $801,000, which definitely says a lot about the neighborhood. In fact, if you live in the city today, you might not be surprised that the neighborhood is so pricy. Even rent prices in this area are on the higher side.
Despite the housing market issues we’ve been seeing for the past couple of years, townhouses and apartments in Boerum Hill have been selling like there’s no tomorrow. People are moving in when they can, either as owners or renters. Everyone wants to have the swanky zip code on their return address labels.
Surprisingly, Boerum Hill isn’t the only neighborhood in Brooklyn to be one of the city’s most expensive. DUMBO, which stands for Down Under the Manhattan Bridge Underpass, was ranked the fourth most expensive area in New York City. A few years ago, DUMBO was all abandoned warehouses and artists. Today, families and hipsters are moving right in.
Moving to New York City can cost a pretty penny, so if you’re moving on a budget, Boerum Hill might not be your best bet. But, if you shop around, you may be able to snatch up a fixer-upper or a nice townhome at the right price.