For those of you living in New York, we would like to ask: what is your approximate monthly housing expenditure? Do you feel the pressure? According to the New York City Rent Affordability Report, the average annual housing expenditure for New York residents exceeds 60% of their total household income; in other words, two-thirds of a New York resident's income is contributed to housing.
Although the latest StreetEasy report shows that Manhattan housing prices in November of last year fell to their lowest level in three years—a 3.3% decrease compared to the same period last year, which is the largest year-over-year decline since the 2009 economic recession—in New York, where every inch of land is worth gold, housing prices in Manhattan and Brooklyn have generally continued to climb in recent years.
Recently, the PropertyShark website released the list of the most expensive neighborhoods in New York City for the second quarter of this year. Manhattan undoubtedly secured its position as the "most expensive real estate district" with eight neighborhoods entering the top ten, and Flushing and Manhattan's Chinatown were, unsurprisingly, also included on the list.
The median housing prices for the top ten "most expensive neighborhoods" in New York range from $1.66 million to $4.34 million. Among them, the star-studded Manhattan neighborhood of TriBeCa has become the most expensive neighborhood for the third consecutive year, with its median sales price increasing by nearly $500,000 from the $3.85 million seen at the beginning of this year... Manhattan's new landmark, Hudson Yards, holds the second spot with a median price of $3.86 million, directly surpassing the housing prices of TriBeCa from the beginning of this year.
