Average price per square foot may not give the best sense of how much it actually costs to live in a particular neighborhood, so NeighborhoodX decided to dive into that conundrum. They analyzed the range of prices per square foot in several different neighborhoods in Brooklyn, and came up with some pretty interesting finds.
For instance, the cheapest property in Cobble Hill is going for $932 per square foot, which is around the same as the most expensive property in Sunset Park at $963 per square foot. The most expensive property in Brownsville ($472/sq.ft.) is around the same as the cheapest in Prospect Lefferts Garden ($462/sq.ft.).
The ranges in pricier neighborhoods also vary more sharply than they do in relatively inexpensive neighborhoods. In Prospect Heights for instance, the price per square foot ranges from $676 to $2,399. Alternately in East New York, that range only goes from $191/sq.ft. to $485/sq.ft.
The overall range in Brooklyn goes from a low of $187/sq.ft. in Brownsville to $2,642/sq.ft in Dumbo.
For the study, NeighborhoodX looked at current market-rate listings excluding foreclosures and short sales, affordable and income-restricted (HFDC) housing.
- Brooklyn June 2016 [Neighborhood X]
- NYC Real Estate Market Reports [Curbed]