Yonkers, about 15 miles north of Manhattan, is situated just along the Hudson River. Locals benefit from a 25-minute train ride to Midtown from Yonkers, making the AM and PM commute a breeze. Even so, businesses local to Yonkers are thriving, especially since commercial real estate is much less expensive in the area when compared to the Big Apple. Yonkers residents don't need to make the trek to NYC just to get a taste of culture and entertainment, either. The city has the Hudson River Museum, Sarah Lawrence College, various shopping centers, parks and 4.5 miles of the Hudson River waterfront to appreciate.
Although situated close to Manhattan and New York City, Yonkers is considerably more affordable. Yonkers home prices depreciated 1.06 percent year-over-year, providing future buyers with lower budgets a better range of options. The average list price last year was $383,862. While real estate in Yonkers is more expensive than national averages, values are less bloated when paralleled with the median income of $63,846. Plus, considering the city's proximity to Manhattan, larger home values are predictable. In terms of inventory, the number of homes on the market decreased slightly last year by 3.79 percent, with 305 listings on the market in 2015.