According to a 2013 Business Insider report, Manhattan and Brooklyn are the #1 and #2 most expensive places to live in America. The list is based, oddly enough, on the prices of a steak, milk, haircut and home. Clearly those are the four things every American neeeds above all else.
Presented below is data everyone should have when considered renting or owning a Manhattan home. Please consider the information while browsing our NYC luxury apartment listings.
According to these numbers, the supply of Manhattan apartments for sale has decreased, which in turn has caused the price to jump.
We have also learned that the number of rental units jumped significantly, with little to no effect on price. It’s a fact that people are always moving to and from Manhattan. It will be interesting to see Generation-Y’s (the children of Baby Boomers and America’s most populated age demographic) impact on the market as they begin purchasing homes.
Manhattan Apartment Sales – Price by Neighborhood
Clearly downown Manhattan has become an incredibly desireable place to live. Most Manhattan real estate will consistently appreciate in value, but certain areas (generally due to new construction) will always jump more than others. Visit our listing of Manhattan NYC’s most up and coming neighborhoods to see where the next spike may be.
Manhattan Apartment Rentals – Price by Neighborhood
You may be wondering how Manhattan apartment prices are decreasing when meanwhile your landlord is trying to raise the rent. Judging by the chart, you may want to look for apartment rentals in Midtown East to get the most bang for your buck. Apartment in NYC’s Murray Hill wouldn’t be a bad choice either.
Tips and Tricks
Everyone has an opinion on the next ‘it’ Manhattan neighborhood. At the end of the day, however, it’s about what makes you happy. Proximity to work, noise level, transportation options and of course price are all things to consider when searching for a place to live in New York City. We are more than happy to help you find the perfect mix. Please don’t hesitate to call or email our general line or a specific broker or simply browse our listings to get a feel for what’s out there.