6 Unbelievable facts about the New York City housing market
There are a few big, metropolitan areas, however, among them, New York City metro remains the country’s largest real estate market by value. The NYC housing market is constantly changing but it keeps thriving. If you plan on investing here, or, moving to NYC, we are going to show you 6 unbelievable facts about the New York City housing market. Therefore, in this article, we are going to explore the NYC housing market and its facts. In addition to this, if you plan on moving, we are also going to talk about the importance of having reliable, climate-controlled storage NYC for your items. Let’s take a closer look.
Rents in NYC have reached a record high
New York City is one of the largest cities in the World and the largest city in the USA. Because of this, NYC has a huge housing market as well. However, this market is constantly changing. Across the city, however, rents are beginning to reach an all-time high. When you take a look at Manhattan, for example, the average Manhattan apartment costs more than $3,000 a month. One other city that has a higher average rent than NYC is San Francisco. Although New York City is an extremely populous place, nearly two-thirds of residents in New York pay rent. When you look at the national average, the number of people who rent in NYC is twice the national average. If you are preparing for your move, be sure to keep all your items safe and intact. Rent storage in NYC that is safe and reliable.
Brooklyn and Queens are catching up to Manhattan when it comes to demand
More and more people are escaping Manhattan prices and going over to Brooklyn and Queens. This, in turn, has significantly increased the demand in these two boroughs. However, this also meant that soon the rents reached an all-time high in these regions as well. in Brooklyn for example, a new record was reached when the average sale price was $1.02 million. This was both a record in its own right but also the first time the borough exceeded the million-dollar mark. When preparing for your upcoming move, do your research on storage units as well and try to find secure self-storage NYC for your items.
New York City housing market is a buyer’s market
Due to the global pandemic that hit NYC pretty hard, a lot of people have moved towards the suburbs. This has driven up the prices of homes in these areas. However, those who are moving to the city, have the ability to find better homes for less. Now, NYC’s housing market has become a buyer’s market. This means that there are now more active homes for sale than there are buyers. In case you plan on moving to a different home and have a ton of items for storage, be sure to check out short-term furniture storage nyc solutions for your furniture.
A rent increase is not deterring future renters
The NYC house market is pricey and with the recent records broken, it does seem like it is going to stay that way. However, regardless of the real estate prices, rent costs, and increases, the housing market is still thriving. NYC is the most populous city and for a good reason. The investment is always good here and a great number of businesses both small and large are being opened. Furthermore, when prices are up, NYC’s housing market does not follow the standard economic projection of reduction in sales. Even when the rent-to-income ratio is higher than the national average, a ton of people are still flocking to NYC. Job and career opportunities, events, overall amenities, and so on, are all some of the main attractors. Regardless of the housing market and its prices, new residents are still coming and purchasing or renting new spaces in the city as well as the suburbs.
The property tax system is complex
When the land is in the same region and location, the complex property tax system of New York City has created differential land value in communities. Thanks to the tax system in NYC, the value of one home can be significantly higher or lower than the value of a home sitting right next to it. In NYC, each tax class, and there are 4 of them, specifies a different way to tax the owner. So, before getting your new home or renting your new apartment, it is a good idea to explore and research these different tax levels and find out the one that suits your budget the best.
The average rent in NYC is around 82% of the median American salary
The final incredible fact on our list is the average rent in NYC. We have already talked about the increase in rent costs all around NYC boroughs. However, those are top prices. The average rent does not fare any better when compared to the median American salary. The average American salary is around $47.000. With an entire year’s worth of average rent which comes to around $38,604, we can see how crippling it can be if you are not properly prepared and ready for the costs.
The NYC housing market in summary
So, to sum up, everything that we have covered so far, we can see that there really are quite a few remarkable facts about the NYC housing market. What we can learn from the 6 that we have mentioned is that:
- Rents can reach record highs easily,
- Other boroughs are catching up to Manhattan price-wise,
- The New York City housing market is a buyer’s market,
- Renters are not deterred by the prices,
- The tax system is complex,
- The average rent is pretty high as well.
If you plan on moving here, it is best to do all of the research. Find the right area for you. Of course, in case you have any items that need storage during the moving process, be sure to check out reliable self-storage Long Island City.