Why Rent in New York is so high
As most people know New York City is one of the largest cities in the world. It is an economic epicenter and home to many businesses and corporations. Over the past couple of decades NYC has seen a huge spike in the price of homes. There are many reasons for high home prices in NY, one being that it is an extremely attractive city to live in. There are so many options and jobs that one can do while being in NYC. With falling crime rates and other amenity improvements NYC has only been increasing its attractiveness to home owners. Many people have jobs located in the city and this increases competition for homes. If there is a large demand for homes then prices will be high. Another aspect to consider is that the global rich are usually interested in NYC for what it has to offer. This only further drives up the prices of homes.
Prices is New York City tend to vary. Like any other large city New York tends to have its cheaper alternatives such as Brooklyn and Hoboken New Jersey. Prices in the city tend to be extremely high but think about what you are getting when you purchase a home in NYC. You get world class eating at your fingertips, all the entertainment you could possibly want,and an excellent transportation system just steps out of your door.
ReplyDeleteYes New York is expensive but it comes with a lot more than people think. You are buying for location and location is what you get.
Great blog Sam and great point Matthew. It is true, you are not paying for the actual apartment/condo, but rather for the highly desired environment that you will be living in. As hollywood glorifies the "NYC lifestyle" prices will only increase. It will only be when substitues like Hoboken and Brooklyn are taken, than prices in Manhattan will fall.
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