The cost of an average starter home in New York City ranges from $400,000 to $800,000, according to StreetEasy.
Starter homes in NYC have shrunk by 9% in the last three years, the real estate marketplace found.
The median square footage for a Manhattan home is now equal to that of four-and-a-half parking spots.
The New York City housing market is notorious for buyers willing to pay more for less, but the size of a typical Manhattan starter home in is only getting smaller.
According to a Wednesday report from StreetEasy, starter homes in New York — ranging from $400,000 to $800,000 — have decreased in size by 9% since the summer of 2019. Although first-time residences in Queens and the Bronx have shrunk the most, Manhattan homes remain the smallest.
At roughly the size of four-and-a-half parking spaces, the median square footage for a Manhattan home as of August is 686 square feet. Homes in Brooklyn have a bit more space at a median of 924 square feet, according to StreetEasy.
Although space in Manhattan is limited, buyers can take comfort in a significantly cheaper price per square foot than five years ago. Prices have decreased by nearly half since 2017 — from $1,775 to now $942.
If you're looking to put down roots in New York City any time soon, here are some examples from StreetEasy of what you may find on your search for a starter home.
501 square feet in Manhattan: $750,000
Howard Hanna Rand Realty
Neighborhood: Midtown South, Manhattan
Bedrooms: 1
Bathrooms: 1
Amenities: Full-time doorman, gym, laundry in building, live-in super
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