9 facts about the housing market in New York, because of which you definitely do not want to live in this city

New York is the largest city in the United States, and it has an equally huge real estate market. Across the city, rents are rising to historic levels, with the average Manhattan apartment costing more than $3000 a month. Only San Francisco boasts higher average rents.

Фото: Depositphotos

At the same time, tens of thousands of New Yorkers have to spend the night on the streets and in shelters.

There are many things on the housing market in New York that make you think twice before moving to this city.

Here are nine facts that will make you rejoice that you do not live in this city. Well, or you will have to come to terms with them if New York is your home.

1. On average, New Yorkers are paying for rent 82% of the average American salary

Фото: Depositphotos

Rents in New York rose to record heights. According to the StreetEasy Manhattan Rent Index report, rent in Manhattan reached a record level of $ 3 217 dollars per month for the first three months of the 2019 year. Thus, the full-year rent is $ 38 604, which is more than 75% of the average annual salary in the United States of $ 46 460.

2. There are more tenants in New York than residents in Los Angeles

New York is the most populous city in the United States, and most residents pay rent rather than buy their own property.

Фото: Depositphotos

According to the New York City Department of City Planning, nearly two-thirds of New Yorkers live in rental apartments. In New York City alone, the number of people renting is more than twice the national average. Two-thirds of New York's 8,5 million residents is more than the total number of residents of Los Angeles (4 million), America's second-largest city.

3. Yankee Stadium couldn't accommodate all the New Yorkers living in homeless shelters.

Фото: Depositphotos

According to the report, the average number of people who slept in urban shelters reached a record 64 000 people in January 2019. This is on the 17 000 more than the capacity of the Yankee Stadium, which can accommodate 47 399 people.

According to forecasts, the number of homeless people seeking asylum in the city will continue to grow and by the 2022 will exceed 65 000 people.

4. Real estate in Manhattan can currently expect its buyer on average 4 a month

Although the New York real estate market is deliberately competitive, homes in Manhattan remain on the market longer than can be expected.

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According to StreetEasy Market Reports, New Yorkers trying to sell their homes face longer waiting times in all five areas than in other US cities.

5. Even in the cheapest area of ​​Manhattan, the average rent is over $ 1600

The least expensive rent in Manhattan can be found in the Inwood area. But even there, according to City Realty, residents still pay $ 1 623 per month.

In the nearby Washington Heights area, renters can find an average studio for 1 669 dollars, making it the second cheapest area in New York.

6. Last year, rents decreased in only one part of the city.

According to StreetEasy market reports, in the first quarter of 2018, rents fell in only one district. This is North Brooklyn.

Фото: Depositphotos

Rents in the market fell to $ 3061 for the month, which is 0,5% less than in the previous quarter. All because of the partial stop of the subway. However, they can rise again if the metro again works to its full potential.

7. Less than a quarter of housing units in Brooklyn offer a discount

New York homeowners have superiority, and they are less inclined to offer discounts to prospective tenants than homeowners in other cities.

In Brooklyn, rents fell 2019% in 6,7 compared to last year. The downward trend in rental discounts is seen in Manhattan, Brooklyn and Queens. In 2019, discounts in Brooklyn and Queens were the lowest on record (just 3,4% in both boroughs), and discounts also dropped to a near-record low in Manhattan of 3,9%.

8. Percentage of homes for sale increased by 11,7%

The total number of homes for sale in Manhattan is up 11,7% this year compared to last year, according to StreetEasy. Supply increased throughout the borough, with Upper Manhattan receiving the largest relative share of new homes at 18,4%.

9. More than 1 million New Yorkers live below the poverty line

Фото: Depositphotos

In 2017, NY1 reported that the 1,5 of a million New Yorkers live below the poverty line.

In New York's poorest neighborhoods, many of which are in the Bronx, homeownership rates are minimal—just 8,8 percent, compared with 50 percent for the rest of the city.

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