The Cost of Living in New York

by | Oct 31, 2013 | Real Estate

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The hustle and bustle of New York is part of what attracts so many people to want to live there. The public parks, the street food, the culture and the landmarks, all join together to make a melting pot of a city, that speaks romance, history and diversity. New Amsterdam—as it was once known—was initially colonized by Dutch immigrants who established the small town as a trading post back in 1624, four years after the first pilgrims landed on the east coast. Under the rule of King Charles II of England, the land was gifted to the Duke of York, Charles’ brother, who, in turn, renamed the then town, New York.

The town grew in stature over the next hundred or so years and it 1886, the people France gifted the now famous Statue of Liberty to the people of the United States. She now graces the entry-way en route to Ellis Island and has been greeting millions of immigrants entering the harbor for many years. New York continued to grow and has since become the most populated city in the entire United States with over eight million residents.

Trends and Growth

Property trends have consistently grown since 1995, apart from a few years when the property market slumped during the 2007-2010 crisis. Back in 1995 the average price of a property in New York was around $200,000 and by 2005 it had grown to around $500,000 average. During the property slump, prices did level out at around an average of $420,000 and while some areas, such as Staten Island and the Bronx have remained around the $450,000 average, Queens and Brooklyn have both jumped to an average of $600,000 in value, with Brooklyn faring better around $800,000. Queens hit its peak at $650,000 in 2008 but has now settled at an average of $550,000 since 2012.

Areas of Manhattan, namely SoHo, have grown in value, especially for condos, which started in 1995 at $460,000, peaking in 2004 at $2,000,000. During the slump between 2007 and 2010 prices went from an average of $1,500,000 to $1,750,000 and now settle around that figure.

All in all the average of SoHo NYC Real Estate manages to hold its value, despite trends falling and rising with the economy. It is a true sign that New York is always going to be one of the main areas of preferred property buying, despite a fall in the overall markets around the country.

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