The combination of thriving cultural scenes, prestigious public schools, strong economies, and engaging outdoor activities can be enjoyed while living in a suburb. Hence, this combination makes them an ideal real estate investment.
Living in a suburb becomes more desirable when it is located near major urban centres like New York City. Then, residents can access the benefits of both the suburban lifestyle and urban amenities. Consequently, the real estate in those areas also becomes more demanding, a sign of their potential and qualification for long-term investment opportunities.
So, it is always a good sign to be informed about the suburbs of New York if you are planning on investing in real estate.
5 Thriving NY Suburbs for Real Estate Investment
We have made your task more accessible if you are desperately searching for the best suburbs in New York for real estate investment. The following 5 New York City suburbs show great real estate investing potential.
01. Greenwich
A famous New York City suburb located in Fairfield County is Greenwich. It is primarily renowned for its affluent residents and scenic beauty. It is also the location of numerous luxury homes in high demand. In addition to a thriving economy, the real estate market in Greenwich is booming. Moreover, you can participate in various outdoor activities, including sailing and hiking.
Why Should You Invest
As we have said earlier, Greenwich has many demanding luxury properties. It is a place that offers both urban and suburban lifestyles. And the real estate market has always been strong, where the median home value is currently around $2.2 million with an average listing price of $3.3 million.
02. Mount Pleasant
This suburb is situated in an ideal location in Westchester County, just 25 miles north of New York City. Commuters are always searching for properties in this area since they can enjoy suburban living without sacrificing urban amenities. The town’s economy is growing, and the unemployment rate is below the national average. The area has a high demand for luxury properties and single-family homes.
Why Should You Invest
The real estate market in Mount Pleasant offers various types of properties at different price points. Several big companies like IBM, PepsiCo, and MasterCard are situated in Mount Pleasant, which is another selling point.
Investors have benefited from investing in Mount Pleasant real estate for many years. The following listing prices are for homes in the Mount Pleasant, NY area, where you can see that the median home value is around $800,000.
03. Scarsdale
This is a picturesque village in Westchester County. The location can be a factor for some investors since it is just 20 miles north of Manhattan. Many reputed public schools in Scarsdale make it an ideal location for families. Also, the area boasts a high median household income. The real estate market in Scarsdale is thriving with a range of properties, from modern condos to historic mansions.
Why Should You Invest
Investors have seen a significant ROI after investing in properties in Scarsdale. Its real estate market has been holding a promising position for several years. The typical home value in this NY suburb is approximately $1.5 million. Considering the average listing price of around $2.1 million, you should prepare to spend at least $1 million to buy a property in this suburb.
04. Montclair
This New York suburb is located in Essex County, New Jersey. The area is well-known for its vibrant culture. There are many art museums and a performing arts centre in the area. Additionally, there are many excellent schools as well. Therefore, you will get a strong sense of community as a resident. Whether you are looking for a single-family home or a modern condo, you can find it by searching the real estate market in Montclair. However, prices may vary depending on the property’s size, location, and condition.
Why Should You Invest
Montclair’s real estate market is good for investors who want to make a limited investment to purchase a home. Moreover, the market has seen steady growth in recent years. The typical home is sold for around $765,000, according to Zillow. Roughly $1.1 million is the typical listing price for a property. So, be prepared to spend a minimum of $500,000.
05. Summit
Do you want to live in a house or invest in a property in a charming city? Then, Summit is the perfect location for you. This suburb is in Union County and has a thriving downtown area and notorious public schools. As a result, the area is in demand for single-family homes. You may also find various luxurious properties in this area.
Why Should You Invest
According to Zillow, Summit’s median house value is nearly $1.1 million. It also states that the average listing price is around $1.7 million. Despite this, Summit’s real estate market has been solid for many years. Although the prices of luxurious properties in Summit can be higher, investors should be prepared to spend at least $800,000.
In summary, you should do your homework and research before investing in a property in any of the aforementioned suburban areas of New York City. You should also consider what experts suggest about your investment and follow the latest trends in real estate investment. In addition, keep in touch with the real estate agents who are experts in your desired location.
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