What type of accommodation should you prefer in New York?
The American co-op
There are several types of real estate in New York. The co-op (cooperative housing society) is one of the most widespread, it represents 3⁄4 of the city’s real estate stock. The specificity of this type of building lies in its administration. Each owner owns shares in the cooperative society depending on the surface area of their accommodation. He thus finds himself associated with his neighbors within this same society.
One of the difficulties in being able to obtain this type of real estate is first of all to be accepted by the council. This assembly decides on the internal regulations, on the arrival or not of an owner… But, it is difficult to be accepted in this type of accommodation when you are a non-American who has just moved in. Many tips require you to submit a US tax form and already live in the United States. Many co-ops strictly regulate the rental of your property or even the fact of receiving guests for several days.
Condominiums in New York
Condominiums represent 25% of Manhattan’s residential stock. This type of housing simply refers to a building and therefore an apartment, just like the co-op. On the other hand, the councils that run this type of building are much less strict. New buyers are accepted almost automatically and no restrictions or supervision are made. You can do what you want with your property. Condos are generally more expensive but they offer much more freedom whether in terms of purchase, rental or resale.
Townhouses in the United States
New York does not only have real estate apartments but also houses, les townhouses. These are independent and have 3 to 4 floors. They thus offer a beautiful surface area and are quite rare in New York. The supply is limited and the prices are very high. We must also not forget the maintenance costs of the house.
A house in Manhattan costs around $5 million. But, in more modest neighborhoods like Staten Island, the purchase price is around $650,000.
Rent an apartment in New York
Rents in New York
Rents in New York City vary greatly depending on the size of the apartment but especially the neighborhood in which you are. The most expensive area in terms of rent is Manhattan, in the financial district. Conversely, Staten Island is the least populated place in New York with 500,000 inhabitants. This district is therefore the cheapest in terms of rent. We refer you to one of our articles which details the price of rent in New York City.
Procedures for renting an apartment in the United States
If you wish to rent accommodation in New York, you will need to provide your pay slips and a photocopy of your passport and your visa. Proof of employment in the United States is also required. It is generally requested to provide one or two rents in advance, or even a full year sometimes. Your rent must not exceed 40% of your salary.
The lease is for a period of one year but it can be flexible in exchange for a small increase in the rent. However, you must be careful, if you decide to leave before the end of the lease, then you will have to pay the remainder until the end. Rents in New York generally include utilities such as water and electricity. On the other hand, it is up to the owner to take out home insurance but it is up to you to insure your belongings if you wish.
Buying an apartment in New York
Purchase prices in New York
Housing prices vary enormously between neighborhoods. Here are the most expensive ones in the city that never sleeps.
- Tribeca (Manhattan): median price is $3.7 million
- Chelsea (Manhattan): median price is $2 million
- Park Slope (Brooklyn): median price is $1.6 million
- Upper East Side (Manhattan): median price is $1.5 million
And here are the neighborhoods where the price of housing to purchase is the cheapest:
- Riverdale (Bronx): median price is $355,000
- Sheepshead Bay (Brooklyn): median price is $460,000
- New Springville (Staten Island): median price is $498,000
- Bay Ridge (Brooklyn): median price is $535,000
- Eltingville (Staten Island): median price is $625,000
The average price per square meter in New York is $16,196. This average can go down, at its lowest, to $10,816 and goes up to $22,604 in certain neighborhoods. The price per m2 in New York is significantly more expensive by 161% compared to France.
Procedures for buying a property in the United States
Buying an apartment in the United States is no more complicated than elsewhere, even if you are a foreigner. First of all, you can get a mortgage even if you are not American. It allows you to finance up to 75% of your property. Here is the list of documents necessary to obtain this financing:
- A valid visa or a photocopy of your passport
- Proof that proves that you have sufficient resources for a contribution
- Proof of credit payments, a loan or a rental
- A certificate of employment
It is recommended to be accompanied when purchasing your home in the United States. The ideal is to surround yourself with a real estate broker, a lawyer and a specialized real estate agent. The latter will greatly facilitate your access to the American real estate market since access to sales is more complicated without a real estate agent.
A deposit corresponding to 10% of the purchase price is requested to act as a guarantee in the event of abandonment of the real estate transaction. Depending on the type of housing, such as a co-op or condo, you must provide specific documents such as the contract, pre-approval from the financing organization, bank statements, tax declarations, certificate of employment and proof of good conduct. An individual interview is often carried out regarding this type of accommodation.
Complete your purchase in the United States
The very last phase of buying your home in New York is carried out with a “closing agent”. The buyer pays all missing charges which are listed below.
- Lawyer fees
- Registration and legal fees
- Property title insurance
- Taxes (federal and city state) and fees
- Application fees: From 0.5% to 3% of the loan
Other fees are paid depending on the accommodation: the property transfer fee for the purchase of a new apartment, the mansion tax if the property is worth more than $1 million or even fees imposed by the council of the building (application fees, entry deposit, etc.).
L’alternative Jersey City
There is an alternative for accommodation near New York: Jersey City. This city is located right next to the Manhattan district and is an increasingly popular destination for French expatriates. Jersey City, nicknamed the little Manhattan of New Jersey, allows you to enjoy proximity to New York while living in quieter neighborhoods with more affordable prices. Housing in Jersey City is 25% cheaper than in Manhattan and is therefore an option worth considering for many expats.
Where to stay: New York neighborhoods
New York is an extremely cosmopolitan city with neighborhoods for all tastes. So, which neighborhoods should you choose for your move to the Big Apple?
Staying in New York with family
The ideal neighborhoods to live with your family are mainly located in Manhattan and more precisely in Battery Park City, Tribeca, Upper East side and West. Neighborhoods renowned for their walks and tourist attractions but also for their tranquility while being close to major business locations such as Wall Street. To get out of Manhattan while being with your family, you can settle in the Park Slope neighborhood in Brooklyn. Well-ranked public schools, child-friendly grocery stores and restaurants… This neighborhood is known for its family-friendly and open-minded community.
Cheap accommodation in New York
The cheapest areas to stay in New York are in Harlem, Brooklyn, Queens, New Jersey.
But the one that is known for offering affordable prices is undoubtedly Long Island City in Queens. It is located near Time Square (15 minutes by public transport) and has a real residential atmosphere. The district is also renowned for its overflowing gastronomy and its accessibility to transport. Long Island City is served by several subways and even a ferry.
Accommodation in New York for students
There are many universities in New York, one of the ideal neighborhoods for students is Morningside Heights located in northern Manhattan. Student life flourishes in this area with, nearby, some of the city’s best-known universities such as Columbia. The area is also easily accessible by metro.
For the more party-loving students, the East Village neighborhood in Manhattan is ideal. It mixes modernity and New York tradition while enjoying the many restaurants and cultural activities nearby. A real cultural cleaning for memorable evenings.
Neighborhoods to avoid in New York
It’s not so good to live anywhere in the Big Apple. Several neighborhoods should be avoided due to frequent criminal incidents such as thefts, shootings or drug use… Among them, there is the Brownsville neighborhood in Brooklyn, considered the most dangerous place in the city. Bedford-Stuyvesant (Brooklyn), Hunts Point (Bronx), Mott Haven (Bronx) are also neighborhoods to avoid, particularly because of the importance of drugs, thus endangering the tranquility and security of residents.
Our advice for finding accommodation in New York
There are several ways to find listings to rent or buy an apartment/house in New York. Here are some real estate agencies that speak French: New York Habitat, Urban Living-New York. You can also find ads in stores or bars in the neighborhoods you want.
List of sites to find accommodation:
Craig’s list is one of the most used sites for finding accommodation. Finally, if you need advice on site, the Accueil New York association composed of French volunteers provides information to newcomers to the Big Apple.
2023-12-25 17:52:54
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