This Is How Much It Costs to Live in Times Square

published Sep 19, 2018
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(Image credit: Sean Pavone)

Many people feel that New York City is the center of the universe. And if that center had a center, it just very well may be Times Square. Though it’s often called “the Crossroads of the World,” many New Yorkers will tell you that Times Square itself is nothing but a tawdry tourist trap. But there’s no denying its proximity to many of the features that make New York City a major hub, including the Broadway theater scene and “restaurant row.”

If a little hustle and bustle and a lot of people don’t bother you, living within 10 minutes of Times Square may be a dream come true. Ever wondered how much it would cost to own a home near one of the most-recognizable destinations in the world? While New York City is known for its expensive real estate, the area surrounding Times Square is not as cost-prohibitive as you might think, relatively speaking.

“There are areas of Times Square that are still affordable in New York City living standards,” says Jessica Swersey of Warburg Realty. “It is possible to get a studio for under $2,000 a month on the rental side and under $500,000 on the buy side.” Paired with its proximity to art, food, and transportation, living in Times Square can actually be a steal compared to other areas with comparable offerings, Swersey says.

According to Zillow, the median home price in Midtown Manhattan—where Times Square is situated—is $1,377,300. Based on the guideline that your monthly mortgage payment should be no more than 28 percent of your salary, you need to earn about $355,000 to afford to buy there.

(Image credit: Warburg Realty)

While that figure might give you some sticker shock, remember that location, location, location is the name of the game. Take, for instance, this two-bedroom unit in a 24-hour doorman building, listed at $1,450,000, that is less than a mile from Times Square. It also comes equipped with a fitness center, a children’s playroom, a bike room, and a rooftop terrace.

There is also this one-bedroom apartment in a pre-war building is listed under the median price for the area at $1,245,000 and is just a little more than half a mile from Times Square.

(Image credit: Warburg Realty)

Living here would also come with plenty of history, as the building is a part of the Rockefeller Apartments, commissioned by the Rockefeller family in 1936 and considered a historic landmarked co-op. It also features views of the Museum of Modern Art’s sculpture gardens.

Certainly, living close to somewhere as loud, busy, and chaotic as Times Square is not for everyone. But for those who can’t resist the lure of nonstop action, it can be the perfect place to call home.

“Ask anyone who’s lived here and they will have stories to tell with a spark in their eyes and a savoir faire tone in their voice, because they know, ” says Noemi Bitterman of Warburg Realty. “They survived and loved every minute of it.”

It’s not for the faint of heart, but for the right person, living near Times Square can be the opportunity of a lifetime.