Brooklyn is only a mile or so from Staten Island, a relatively short hop (with no traffic) across the Verrazano Narrows Bridge. Staten Island was in large part developed for people who fled Brooklyn in the 1950s and '60s. How things have changed. SmartAsset set out to find where the greatest home value increase was in New York City, which includes both Brooklyn and Staten Island. Here's what it found:
New York real estate has an estimated market value around $1.26 trillion as of 2018, according to the New York Department of Finance. Some New York neighborhoods are more popular than others, putting upward pressure on home values and mortgage costs.
We looked at 2012 and 2016 data on median home values for New York City neighborhoods.
Key Findings
- Brooklyn homes are the hottest – According to our data, homes in Brooklyn are appreciating the fastest. In total six of our top 10 neighborhoods with the fastest growing home values are in Brooklyn.
- Staten Island falls behind – Staten Island’s highest scoring neighborhood was Grymes Hill-Clifton-Fox Hills which ranked 70th and had an 5.8% increase in median home value.
