Posted on 08/10/2023 12:15:41 PM PDT by ChicagoConservative27
The average monthly rent in Manhattan rose to a record $5,588 in the month of July as inflation and higher interest rates push rental prices to new record levels, according to a report from Miller Samuel and Douglas Elliman.
Manhattan’s new average monthly rent of $5,588 is up more than 9 percent from last year, when rent was $5,113, according to the report. The median rental price also reached a new high of nearly $4,400, up more than 6 percent from last year, marking the fourth time in five months Manhattan has hit a record. The report found the average rental price per square foot also increased 4.3 percent over the past year to a new high of $84.74.
The new average rental price is $3,278 for a studio, $4,443 for a one-bedroom, $6,084 for a two-bedroom, and $10,673 for a three-bedroom, the report found.
(Excerpt) Read more at thehill.com ...
Moving on up, to the East, With a Big Apartment in the Sky.
If you figure in the NYS income tax and the additional NYC tax I would say more like $250K just to live there.
Don’t even think about a parking spot.
With a 30 year mortgage at 7%, you could buy an $840,000 house for $5,588 a month.
You probably couldn’t buy you a rat infested one room apartment in Manhattan for that, but in most of the rest of the country that would buy a pretty nice house.
“Manhattan’s new average monthly rent of $5,588 is up more than 9 percent from last year, when rent was $5,113, according to the report. The median rental price also reached a new high of nearly $4,400”
Which one to use?
“The advantage of the median is that it removes extreme measurements from a data set, giving you a more realistic idea of what to expect. The average can give you a more accurate sense of the total scope of data, but when it comes to planning for expenses, the median is a more reliable guide of expectations.
So the sell price of several very costly properties versus many more average properties can skew the average much hight=er.
A premium price to witness unprosecuted shoplifting, drug use, vagrancy, and trash and to face the threat of assault and injury with the prospect of prosecution and jail if you defend yourself.
That’s more than my annual property tax. Insane.
So, you’ll own nothing and you’ll be happy...
and homeless...
unless you’re a recently arrived illegal immigrant. In which case taxpayers will put you up in a nice hotel.
Wait til the full effects of NYC Local Law 97 kicks in.
Average salary is 202,000 a year. So they have plenty left over to live and invest.
The best apartments in New York are the old ones with character. And the lofts. I've lived in 3 lofts over the years and that's my favorite.
Also, I had a nice 1 br. brownstone apt. once with an exposed brick walk that ran from the front to the rear (West 78th).
That price should keep out the unwashed masses (excepting those “migrants”).
$200,000 is the old $50,000 of 20 years ago.
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$90,548.28 is the old $50,000 of 20 years ago.
Very handy link:
https://www.bls.gov/data/inflation_calculator.htm
That’s more than my annual property tax. Insane.
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That’s about seven times more than my annual property tax here in fly over country.
If you park on the street in NYC you have to remember where you left the car last night and you can never find the same spot available. On days they clean the street, better have moved your car. Only other choice is very expensive off street parking. That’s why most don’t have a car.
A 2 bedroom shithole in Brooklyn is about $900,000 mortgage + a fee every month for common area maintenance which STARTS at about $600.00 a month!!
If you trust the government numbers.
All that money and you gotta walk everywhere.
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