“Why rent when you can buy a handyman special” says the advertising for New York City’s cheapest home on the market. For just $19,900 you can own a 600 square-foot home in Throgs Neck, Bronx – the cheapest home currently on the market in New York.

A Wall Street Journal analysis of the cheapest homes in the five boroughs compiled by PropertyShark reveals a diverse mix of properties offered at prices lower than some pay for their monthly rent in the City. Actually, a month’s payment of New York City’s most expensive rental – 4 East 80th Street ($165,000) – will buy not one but five homes at the lower end.

So, what can you find at the lower end of the market:

However, many of these homes come with strings attached, as the Journal’s reporters have found out. For details please refer to the  original article, which also includes a slideshow and a video interview with Maya Pope-Chappell of the Wall Street Journal.

NYC Cheapest Home
From left to right: NYC's Cheapest Home ($19,900) and NYC's Most Expensive Rental ($165,000) | Source: Wall Street Journal and Brown Harris Stevens