Is Elmhurst, Queens The New Frontier For Affordable Rents And Home Buying?
Elmhurst gets know for diverse price points and diverse population.
Is Elmhurst, Queens going to be the new Long Island City? It might not be as cool right now, but it’s only a matter of time before the artisanal ketchup shops start to dot Roosevelt Avenue. You might want to get in on the low rents and home-buying before the bearded-man-bun-wearing-single-gear-bike-riding real estate hunters get their hands on them first.
It’s gotten around by those in the know that Elmhurst is one of the city’s most popular neighborhoods to rent and buy. It makes sense as it’s a breezy 30-minute ride into Midtown on the 7 train, along with the E, M and R trains available. Adorable tree-lined streets are sprinkled with multi-family and smaller single-family detached homes that make you feel like you’re somewhere in suburbia and not in the middle of a city. The Elmhurst Greenmarket at 41st Avenue between 80th and 81st streets offers fresh produce, Asian markets and restaurants are found along Broadway and there’s even a Macy’s on Queens Boulevard. Throw in one of the best school districts in the city and you’ve got one attractive neighborhood.
In recent years, more and more high-end apartments have emerged, driving prices up. But, it’s still a much lower price-point, with more space for your money than most other Manhattan adjacent neighborhoods. But is this all racy real estate rumors of renters running rampant? Apparently not. Elmhurst apartments and single family homes are being snatched up at an average cost at $543 per square foot, according to Constantine Valhouli, founder of the real estate analytics site NeighborhoodX. But as it is with all things real estate, it’s about “location, location, location.” The price span within this average can go from $271-per-square-foot for a property on Elmhurst Avenue, to almost $1,000-per-square-foot for a similar residence on 71st Street just south of Roosevelt Avenue. According to Trulia, Elmhurst market trends indicate an increase of $13,000 (3 percent) in median home sales over the past year. Agorafy data shows an average one-bedroom rental goes for $1,995, while a two-bedroom will run you about $2,070.
The unique thing about Elmhurst is its diverse price points. Mr. Valhouli explained, “It shows the neighborhood’s own stability by being able to offer room to grow… you can access this neighborhood at different points in your life and at different earning power.”
On top of the multi-layered price points, it’s wildly diverse ethnically and so it’s a foodie-mecca that’s as of yet, truly authentic and unspoiled. Ecuadorian food is cheap and tasty straight from trucks on Roosevelt Avenue. There’s Thai and Malaysian restaurants next to Peruvian cuisine. German and Irish pubs are also plentiful.
Borough President Melina Katz said, “It is of no surprise that Queens’ neighborhoods will lead among the City’s hottest markets. The strong growth is a testament to the borough’s appeal, especially for families. While the growth is necessary and encouraged, the challenge for government will be to aggressively expand affordable housing stock to meet the ever-growing demand. When we do, however, it must be done right.” In the meantime, hurry up and hop on the 7 train to Elmhurst, Queens for a beef empanada and a two-bedroom, two-bath for under $3000 a month, you’ll be happy you did.
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