Do you want to invest money in Staten Island real estate? What should you need to know? Exploring Staten Island real estate trends for this year (2020) is one of the first steps to take. You have a lot of questions for sure, but you need to start from somewhere.
If you want to start your new life here in NYC, Staten Island may be your perfect choice. But, before all of that, buying a home is not a joke, so you probably need a guide and also new and updated information about real estate in New York City.
Staten Island real estate trends and housing data
What are the trends and statistics of real estate in Staten Island? What the prices are? If you are considering opening a business or moving a business or living here (or both), it is highly recommended to ask professional local realtors for help. Some of the most important info you should have are listed below:
- There are about 166,155 homes and apartments
- The median home value is $594,380
- Average monthly rent is $2,100
- In 2020, it is expecting prices to fall for about 0.5%
- Over the past few years, home prices have gone down for 1.8%
- The average home is on the market for about 125 days
- 68,5% of residents in Staten Island are owning a home
- 31.5% are renting and the rest of residents are vacant
- Only 5.6% are homes cheaper than $258,000
- Most homes (27,6%) are listed for $646,000 – $969,000
- Most homes (42,5%) were built in the period of 1970-1999
- When it comes to size, almost half of the homes have 3 bedrooms
Why people investing in Staten Island real estate?
Why real estate market in Staten Island is hot and why people invest money here? If you are having doubts, you should first research and listen to other people’s opinions and experience with real estate and investing in it. To be fully prepared for the move and for the purchasing, there are some things to learn. Over the past few years, the real estate market here was very hot, and this is why.
- The economy is stronger than before and the unemployment rate will continue to fall. Currently, the unemployment rate is 4.1%.
- Home prices are high, but not higher than prices in Manhattan or Brooklyn. Staten Island is more affordable than other boroughs in NYC – it is not a secret that NYC is the most expensive city, especially when it comes to real estate. It has housing options for the working class too.
- The northern part of Staten Island is developing fast, and people from other boroughs of NYC are moving here. They are selling their home and buying a larger home here.
- Staten Island is more peaceful than Manhattan, for example. So, many families with kids want to move here. With Staten Island’s real estate trends and safer life, parents find that living here is more attractive.
Renting a storage unit in State Island
If you are moving to Staten Island soon and you did not find your perfect home yet, where will you put all your household items?
Also, if your new apartment in Staten Island is too small for your belongings and you cannot just throw them away, what would you do?
The best and safest solution is to rent a storage unit. Verrazano Moving and Storage Staten Island can offer you various sizes of storage, especially if you are moving and you need a temporary storage unit. You can hire them for your Staten Island relocation too.
Why move to Staten Island this year?
Why should you move to Staten Island in 2020 and what are the benefits of living here? What this borough of NYC has to offer to its residents? If you want to speed up the moving process and to be sure about moving here, some of the pros of living in Staten Island are:
- If you want to live in NYC on a budget, Staten Island is a perfect choice. It is much more affordable than other neighborhoods, and you can save a lot of money by living here. Have a home and a lifestyle you can afford and still, be in the city that never sleeps.
- Staten Island is constantly under construction and it is growing and growing. A lot of companies and small businesses are investing here, which means the economy is getting stronger as well and the job market.
- Raising a family in Staten Island is doable. There are a lot of parks, great schools, and it is safe. It is a calm area where your kids can grow and play – which is totally different from life in The City.
- People are friendly and welcoming. If you want to know your neighbors and to be part of the community, Staten Island can offer you that. Some neighborhoods in Staten Island has a suburban feel.
Summary
Now when you know facts about Staten Island real estate trends, why people are moving here and investing in property, you can make the right call for your future. It is a big financial decision and it takes time to make the first step, especially if you are moving your entire life. The best way to learn everything about real estate in Staten Island and its trends is to contact a local real estate agent and an attorney.