Average NYC Apartment Price: Close To A Million - Tilted Forum Project Discussion Community

quadro2000 · 10-15-2003, 11:01 AM

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Can you believe this? While the size of the typical apartment has not changed - 1,302 square feet - the average price has increased from $894,617 to $916,959.

This is why I live in Queens. I don't need to live in Manhattan proper. Not for that price. And yet day after day I see tons of friends of mine squeezing their lives into places the size of shoeboxes - all because it's so important to live in "the city."

I'm stuck in this city because as an actor, it's one of two places I can live if I really want to pursue the business. Otherwise, I'd be outta here.

Are there other NYC dwellers out there? Why do we put up with this?

spectre · 10-15-2003, 11:05 AM

Please include the article when you post.
<hr>
Own a piece of Manhattan? Dream on!

NEW YORK (CNN/Money) - If you're looking to buy an apartment in Manhattan -- that place the Indians sold to Dutch settlers for $24 in trinkets -- be ready to fork over close to a cool million.

That's right. The average price for a Manhattan apartment hit $916,959 in the third quarter -- the first time the average cracked the $900,000 level, according to real estate company Douglas Elliman.

That was 2.8 percent above the previous record of $894,617 set in the second quarter of 2001, the company said in a quarterly report.

It would take an average American family, with an average income of $42,409, according to the Census Bureau, nearly 22 years to buy an "average" Manhattan apartment -- if its entire household income was devoted to the purchase.

The average size of a Manhattan apartment, however, was essentially unchanged at 1,302 square feet, compared with 1,311 square feet in the prior quarter and 1,312 square feet in the prior-year quarter, the report said.

"Despite some lingering trepidation due to mixed local, national and international economic conditions, the Manhattan housing market continued to improve," said Jonathan Miller, who wrote the Douglas Elliman report.

The median price of a Manhattan apartment in the third quarter was $575,000, unchanged from the record set in the prior quarter but up 10.8% from $519,000 seen in the prior-year quarter, according to the report. The median is the exact middle of all the sale prices.

Since so many Manhattan apartments sell for well above $1 million, the average is skewed higher, the report noted.
<hr>

quadro2000 · 10-15-2003, 11:35 AM

Quote:

Originally posted by spectre
Please include the article when you post.

Sorry 'bout that.

santafe5000 · 10-15-2003, 12:21 PM

Can't understand why people want to live all scrunched up together like that. Just driving thru there gives me claustaphobia.

BentNotTwisted · 10-15-2003, 02:10 PM

Amazing. Glad I got my 1750 sqft home for under $200K. I guess when you want to live some place badly enough you will pay whatever the going rate is. OMG, what are the average rents like? $3000 a month?

sailor · 10-15-2003, 05:45 PM

Like it said though, watch out for averages, they can be very easily skewed. All of those heinously expensive multimillion apartments skew the results, in this case likely making the median price a better guide.

$500,000 is still a lot of money for such a small place to live.

cetacean · 10-15-2003, 06:55 PM

I live in Manhattan in a pretty small place with my girlfriend. I have been here for about half a year now, and it is just a different way of life. I don't imagine I will live in the city for more than a few years, but it is an experience like no other. I was paying a third of what I am now for twice as much space while living in rural Virginia, but that also meant chain stores and fast food. I eat at amazing and inexpensive restaurants all the time here, shop in incredibly diverse grocery stores, and work in a great environment. I think the difference in rent money is about equal to all of the money I had to spend on owning a car and driving everywhere in the suburbs. I'd live in one of the outer boroughs, but I just love being able to walk to work.

Jesus Pimp · 10-15-2003, 07:21 PM

I recommend living in Brooklyn or north jersey, it's a lot cheaper.

Great Scott · 10-15-2003, 10:38 PM

Yikes, it was always expensive, but that is just plain silly. I don't know why anyone would feel the need to live in Manhattan though. I'm a big-city boy all the way, and I doubt I could live with the noise, pollution, danger, etc. The outer boroughs all have good access to the city, to say nothing of the outlying areas (North Jersey, Nassau, Westchester)

quadro2000 · 10-16-2003, 06:43 AM

Quote:

Originally posted by BentNotTwisted
OMG, what are the average rents like? $3000 a month?

Depends. Most studio apartments are between $1000 - $2000, 1 bedrooms from $1400 - $3000, etc. depending on the neighborhood you live in. You can get a cheaper rent if you live on the Lower East Side (where there is no close access to subway) or way uptown, in Harlem or Washington Heights or Inwood...but your commute is longer and you have safety issues.

I live in Queens, I pay $1600 for a 2 bedroom. It's more than I wanted to spend but we have a good amount of space. One of my friends was paying for a studio apartment on 42nd and 3rd Ave for $1600, and thank God he had a murphy bed otherwise he wouldn't have had any room at all. I like having my space, and so unless I get a really nice salary increase, I'll be staying in the outer boroughs. I need things like a hallway between a living room and a bedroom, and having separate spaces is essential if you live with a significant other. I would DIE in a studio.

Eventually I would like to buy an apartment or a house in Queens and rent it out while Quadrette and I go travel and live in other areas. I can see myself renting for another few years and that'll be it. No sense in paying someone else's mortgage.

We used to live in Buffalo when we were in college. We lived in a 2 bedroom on a nice suburban street with garage parking, free laundry and a backyard for $400 a month. Unbelievable.

10-15-2003, 11:01 AM	#1 (permalink)
quadro2000 All Possibility, Made Of Custard Location: New York, NY	Average NYC Apartment Price: Close To A Million Link Can you believe this? While the size of the typical apartment has not changed - 1,302 square feet - the average price has increased from $894,617 to $916,959. This is why I live in Queens. I don't need to live in Manhattan proper. Not for that price. And yet day after day I see tons of friends of mine squeezing their lives into places the size of shoeboxes - all because it's so important to live in "the city." I'm stuck in this city because as an actor, it's one of two places I can live if I really want to pursue the business. Otherwise, I'd be outta here. Are there other NYC dwellers out there? Why do we put up with this?

10-15-2003, 11:05 AM	#2 (permalink)
spectre Junkie	Please include the article when you post. <hr> Own a piece of Manhattan? Dream on! NEW YORK (CNN/Money) - If you're looking to buy an apartment in Manhattan -- that place the Indians sold to Dutch settlers for $24 in trinkets -- be ready to fork over close to a cool million. That's right. The average price for a Manhattan apartment hit $916,959 in the third quarter -- the first time the average cracked the $900,000 level, according to real estate company Douglas Elliman. That was 2.8 percent above the previous record of $894,617 set in the second quarter of 2001, the company said in a quarterly report. It would take an average American family, with an average income of $42,409, according to the Census Bureau, nearly 22 years to buy an "average" Manhattan apartment -- if its entire household income was devoted to the purchase. The average size of a Manhattan apartment, however, was essentially unchanged at 1,302 square feet, compared with 1,311 square feet in the prior quarter and 1,312 square feet in the prior-year quarter, the report said. "Despite some lingering trepidation due to mixed local, national and international economic conditions, the Manhattan housing market continued to improve," said Jonathan Miller, who wrote the Douglas Elliman report. The median price of a Manhattan apartment in the third quarter was $575,000, unchanged from the record set in the prior quarter but up 10.8% from $519,000 seen in the prior-year quarter, according to the report. The median is the exact middle of all the sale prices. Since so many Manhattan apartments sell for well above $1 million, the average is skewed higher, the report noted. <hr> __________________ "Fuck these chains No goddamn slave I will be different" ~ Machine Head

10-15-2003, 12:21 PM	#4 (permalink)
santafe5000 EVIL! Location: Southwest of nowhere	Can't understand why people want to live all scrunched up together like that. Just driving thru there gives me claustaphobia. __________________ When all else fails, QUIT.

10-15-2003, 02:10 PM	#5 (permalink)
BentNotTwisted Optimistic Skeptic Location: Midway between a Beehive and Centennial	Amazing. Glad I got my 1750 sqft home for under $200K. I guess when you want to live some place badly enough you will pay whatever the going rate is. OMG, what are the average rents like? $3000 a month? __________________ IS THAT IT ???!!! Do you even know what 'it' is? When the last man dies for just words that he said... We Shall Be Free

10-15-2003, 05:45 PM	#6 (permalink)
sailor beauty in the breakdown Location: Chapel Hill, NC	Like it said though, watch out for averages, they can be very easily skewed. All of those heinously expensive multimillion apartments skew the results, in this case likely making the median price a better guide. $500,000 is still a lot of money for such a small place to live. __________________ "Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws." --Plato

10-15-2003, 06:55 PM	#7 (permalink)
cetacean Insane Location: New York, NY	I live in Manhattan in a pretty small place with my girlfriend. I have been here for about half a year now, and it is just a different way of life. I don't imagine I will live in the city for more than a few years, but it is an experience like no other. I was paying a third of what I am now for twice as much space while living in rural Virginia, but that also meant chain stores and fast food. I eat at amazing and inexpensive restaurants all the time here, shop in incredibly diverse grocery stores, and work in a great environment. I think the difference in rent money is about equal to all of the money I had to spend on owning a car and driving everywhere in the suburbs. I'd live in one of the outer boroughs, but I just love being able to walk to work.

10-15-2003, 07:21 PM	#8 (permalink)
Jesus Pimp The Original JizzSmacka	I recommend living in Brooklyn or north jersey, it's a lot cheaper. __________________ Never date anyone who doesn't make your dick hard.

10-15-2003, 10:38 PM	#9 (permalink)
Great Scott Insane Location: In a huge maze just trying to find my cheese	Yikes, it was always expensive, but that is just plain silly. I don't know why anyone would feel the need to live in Manhattan though. I'm a big-city boy all the way, and I doubt I could live with the noise, pollution, danger, etc. The outer boroughs all have good access to the city, to say nothing of the outlying areas (North Jersey, Nassau, Westchester)