You knew it cost a lot to live in Manhattan, didn’t you? It doesn’t matter whether we’re talking about renting or buying. The sentence is ubiquitous: it’s expensive to live in Manhattan.
When it comes to renting for 2015, New York City tallied in as the second most expensive place to rent. We came in right after San Francisco, with a median rent price of $3,100 per month.
As for buying, things got a little bit insane this year. For the first time ever, the price of buying in NYC’s most expensive neighborhoods like NoHo, TriBeCa, and Little Italy creeped over the $3 million threshold.
Want to know how bad it was to buy in NYC in general in 2015? Now, to be clear, we’re not talking about the exorbitantly expensive neighborhoods where the rich and famous live. We’re talking about the average apartment in all of Manhattan.
In 2015 in NYC, that average apartment cost $2 million to buy. Well, actually the average apartment costs $1.9 million, but when we’re talking about that much money, does it really matter if we round up by $1,000?
We obtained all this lovely, uplifting information from a new report by Douglas Elliman Real Estate.
If you thought the news would improve by examining the statistics from different angles, you thought wrong.
[anad]
For clarification, we mean that examining the median price is hardly better than the average rent. The median rent of apartment sales in Manhattan in 2015 cost $1.2 million, so, you see what we mean.
Obviously, these are record breaking prices.
In case you’re wondering just how roundly the records were broken, this year’s median apartment price in Manhattan represent a 17.3% increase from 2014. The average sales price also rose by 12.1%.
“It was an extraordinary year,” Pamela Liebman, chief executive of the Cocoran Group, told The New York Times. “But 2015 still held a lot of frustration for buyers wanting apartments at a reasonable price.”
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We feel validated by Liebman’s acknowledgment of our frustration over here in the plebian economic class, but that doesn’t mean anything will actually be done about the astronomical situation in NYC real estate.
“We’re seeing buyers definitely willing to sit on the sidelines. Anything priced over aggressively has to be addressed,” said Diane M. Ramirez, chief executive of Halstead Property.
So will it actually be addressed? We’re doubtful. Will we be buying apartments in Manhattan anytime soon? Absolutely not. For now, we’re definitely going to stick to renting, and if we plan on buying, we will definitely be looking toward the outer boroughs.
Check out You Can't Buy an Apartment in NYC for Less Than $1 Million?!
[via Elliman]