Harlem, The Comeback Neighborhood? Property values in Harlem have jumped by about $20,000 since 2012. Is it commercial, residential, economy or what is bringing this community back to life? Statistically speaking about 49% of Harlem residents are singles and 34% are married .
Harlem is located in Upper Manhattan and was founded in the 17th century and with the rest of the world has seen it’s ups and downs but after the 1970’s when Harlem hit bottom it has tried several successful measures to revitalize. From 1987 through 1990, the city removed long-unused trolley tracks from 125th Street, laid new water mains and sewers, installed new sidewalks, curbs, traffic lights, streetlights, and planted trees.
The NY Times reported that the population of the area had grown more since 2000 than in any decade since the 1940’s and is continuing to grow. Harlem has over 300 properties for sale during a time when housing has been in short supply. The economy has a promising tone, house values are up by 20% and mortgage rates are holding steady at an average of 4%. This will give Harlem a chance to be the comeback neighborhood.