According to survey data taken from the Center for Housing Policy, New York has been ranked the nation’s second most expensive city for homebuyers in the United States. As Crain’s reported, the busy metropolitan area has a median sale price of $450,000 for all homeowners in the third quarter. This alarming news based on a survey, would only leave a small bracket of people who could actually afford to buy a home in the city at the median price. Out of 74 occupations, construction managers that bring home an average of $132,000 would be the only ones to afford it.
A research associate at the Center for Housing Policy, Laura Williams states “New York City has been steadily on the expensive side in terms of homeownership for years.”
Williams also states that “there are many people who are really essential community members, folks you want living in the community where they work, who can’t but should be able to afford housing.”
Surprisingly enough, San Francisco has ranked #1, with a median sales price of $585,000. Despite the unaffordable mortgage rates in New York, many renters can breathe a sigh of relief, because New York is way more affordable than eight of California’s biggest cities. This includes the most expensive city in the U.S., San Francisco and Los Angeles. For instance, data has shown that rent for a basic two-bedroom in New York comes in at an estimated $1,403, where as a similar unit in San Francisco would cost a pretty penny at $1,833.