Report: Wife Scratched Tiger Woods' Face, Chased His SUV; Update: Police Unable To Interview Couple Today
Senate Report: Bush Missed Chance To Catch Bin Laden
Two Doors Fall Off AirTrain At JFK
Dogs Rescued From Puppy Mills And Shelters Arrive In L.I.
State Dinner Party Crashers Want Money For Interview
Manhattan real estate proves to be scarily impervious to as the average apartment price has broken the $900,000 mark, to ring in at $916,959 according to Douglas Elliman. That's right, just to make sure everyone knows that living in New York is also part of some crazy experiment in financial derring-do and torture, CNN does the dirty work for us: 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." Of course, the average is skewed, due to the many trophy apartments in the city that might not sell, like Ian Schrager's CPW folly. It feels very Austin Powers, when people coming to NY say they want to spend $1 million (one meel-yon dollars!) on an apartment and real estate agents will just laugh in their faces.
The New York Times also has its analysis of our fine city's overvalued apartment real estate.
add to stumble upon
add to reddit
tweet this
post to facebook
Yes, it seems a bit absurd, but the numbers aren't accurate. First off, for data of this sort, averages are pretty useless because, as Gothamist points out, of the extreme points. Second, the income of $42,000 is a median, not an average. The Census Bureau's highest income bracket, according to their website, is $200,000, so they're eliminating the skew that Douglas Elliman is including.
Also, I have no data to back this, but my guess is that the median household income in New York City is much higher than $42,000.
So yes, we're absurd, but not that absurd :)
according to the chart on this site (based on the 2000 census), the average in the whole city was $38,293. you can look at specific neighborhoods too. obviously, nicer areas have higher income levels.
from the census...HHI for the counties in nyc
bronx - 27,611
kings - 32,135
ny - 47,030
queens - 42,439
richmond - 55,039
The NYT has never been known to cater to the median. I mean, honestly, their characterizing of a typical apartment in NYC is a far cry from any I've ever lived in or visited. I'd buy the fact that the average income is a little below 50K-- but keep in mind that the Times doesn't clarify whether this is a FAMILY or a single. Because if there's a family of 4 or 5 with 50K, it's going to take them far longer to buy that upscale Douglass Elliman apt. Or never.