Brooklyn boasts three of the five most affordable neighborhoods for recent college graduates, according to a new study from StreetEasy.
StreetEasy determined that Bedford-Stuyvesant offers the most affordable apartment options for those earning the 2016 statewide median starting salary of $47,630. The neighborhood with the next most generous housing stock offerings for recent graduates is Bushwick, followed by Astoria, Crown Heights and Washington Heights, according to the study. The analysis looked at inventory and asking-rent data during the course of 2016, and considered apartments affordable if graduates did not need to spend more than 30% of their income on rent.
Grant Long, senior economist at StreetEasy, said the highlighted neighborhoods show those living on starting salaries can find good deals if they can stomach a longer commute.
“These are neighborhoods with relatively low rents, a large supply of apartments, and they’re also great neighborhoods to live in,” Long said. “So I felt really comfortable advising new grads to look in these areas. And they might be places that they haven’t thought of before.”
Apartment turnover is traditionally higher during the summers, but Long said graduates shouldn’t stress. He noted rent rates do not tend to change season-to-season, and graduates are lucky to be looking in today’s rental market.
Rents have been declining since last September, according to Long. And he said some landlords have offered perks to lure in new tenants, such as discounting a month or two’s rent, covering a broker’s fee or offering credit on Uber.
“Looking for an apartment in New York City is always going to be competitive, but it’s always important to find the apartment that’s right for you,” Long said.
If the offerings are looking rather slim, Long said apartment hunters may want to consider finding a roommate. Doing so tends to double the amount of apartments a New Yorker can afford, Long said.
Most affordable neighborhoods for recent college grads
1) Bedford-Stuyvesant: 3,612 rental listings
2) Bushwick: 3,459 rental listings
3) Astoria: 2,147 rental listings
4) Crown Heights: 2,128 rental listings
5) Washington Heights: 1,856 rental listings
Note: This chart depicts which neighborhoods StreetEasy determined had the most rental listings throughout 2016 that would be affordable to someone earning $47,630, the median statewide starting salary in 2016, according to the state Department of Labor.
