Roosevelt Island is not generally considered "cheap" by national standards, but it is often viewed as a relatively affordable alternative compared to the luxury markets of neighboring Manhattan and Long Island City. As of 2026, the average rent for a one-bedroom apartment on the island typically ranges from $3,500 to $4,200 per month. While these prices are high, they are often significantly lower than similar units in the Upper East Side or Midtown East. The island offers a unique "suburban-in-the-city" feel with limited car traffic, more green space, and stunning waterfront views, which adds value for families and students. Most of the housing is managed through a mix of market-rate luxury buildings and some remaining "Mitchell-Lama" middle-income subsidized housing, though waitlists for the latter are notoriously long. While you will save some money on rent compared to "Prime" Manhattan, the cost of groceries and services on the island can be slightly higher due to the limited number of retailers. Overall, it is a "mid-to-high" range neighborhood that trades on its tranquility and unique tram access rather than bargain-basement pricing.