Jimmy Fallon’s recent joke about a three-foot-wide house being a palace for a New Yorker has some truth to it. New York property prices are notably high. NYC is one of the top 25 global cities in the world with the most expensive rent.
If you want to get a piece of New York City, you have to start saving big or wait for a serious property crash that would drag prices down. The recession brought about by the COVID-19 pandemic appears to be not enough to decrease rent rates and real estate prices. Another option is to try winning the lottery. Go to sites like Your Lotto Service to try your luck and win a big enough jackpot to afford a New York property.
The numbers
According to an early 2020 article by Business Insider, rent in New York City nears $3,000 on average. It used to be around $3,500 in the past when the economic conditions were better. For office rent, the rate ranges from $75 to $84. If you plan to buy a property, expect over-the-top prices even in the middle of a pandemic. According to Norada Real Estate Investments, the median price for properties sold in New York City reached $718,000 in June.
Based on Bloomberg figures, the median home price in Manhattan, Brooklyn, and Queens is $692,705, which is a marginal decrease of 0.3% compared to last year’s median price. The highest-priced sale as of June 30, 2020, was $56 million.
On the other hand, the New York Times reports a sharp 54% drop in New York real estate prices. This figure is for all types of properties. The median price is now around $1 million. It may have fallen, but it is still a substantial amount.
New York remains one of the most expensive cities in the world. CNN’s list of World’s Most Expensive Cities to Live in for 2020 puts New York in the number two spot alongside Hong Kong. Prices in New York may have dropped, but the same can be said for other parts of the world that have also been affected by the pandemic.
Worth the price
Even with all its expensiveness, getting a property in New York is worth it. The populous city of the United States is regarded as a cultural, financial, and media capital. It is an excellent representation of what the American dream is. This affluent city is not just about trade and commerce. It is also home to technology, education, tourism, fashion, sports, and entertainment institutions. Moreover, it is the location of the United Nations headquarters.
New York property prices may be intimidating, but there is a lot to justify them. It has gone through one of the most severe COVID-19 outbreaks in the United States, but it is already on its way to recovery. Once the pandemic problem resolves, it won’t take long for NYC to spring back to its vibrant and exciting old self.