Recently, the Bronx has been consistently mentioned as a relatively affordable alternative compared to Manhattan or Brooklyn. Looking at the actual figures over the past five years, we can see that this perception has some basis.

According to Zillow data, the average home value in Bronx County varies between $442,000 and $492,000 depending on the reporting date, which seems to stem from differences in the assessment date. If we consider around $470,000 as a central value, it shows an increase of about 29% compared to early 2021, when it was approximately $365,000.

The trend by year indicates that from 2021 to 2022, the combination of low interest rates and a housing shortage across New York City led to a clear upward trend, while after the interest rate hikes at the end of 2022, the rate of increase noticeably slowed. From 2024 to the present, a mixed trend of slight increases and slight decreases has been observed.

Compared to the national average increase rate of 35-45% during the same period, the Bronx is on the lower end. It can be classified as a region with a relatively moderate increase among the five boroughs of New York City.

Factors influencing this trend include the chronic housing supply shortage throughout New York City, alternative demand due to relatively lower entry prices compared to Manhattan and Brooklyn, and the consistently strong rental market.

Looking ahead, given that the overall supply shortage in New York City is unlikely to be resolved in the short term, it can be cautiously viewed that a gradual trend rather than a significant adjustment is likely to continue. However, the recent mixed trend is expected to persist for the time being.

For Korean households looking for relatively lower entry price areas within New York City, the Bronx remains a viable option. Especially for investment purposes considering rental income, it may offer better returns compared to Manhattan or Brooklyn, so checking rental prices and vacancy rates before purchasing would be beneficial.