The New York City real estate market is expensive; the 2014 median city sales price of $575,700 was only affordable to High-Income households.
In 2014, there were over 33,000 home purchases of NYC properties (including one- to three-family properties, condominiums, and co-ops) with a median sales price of $575,700—a price point that is only affordable to high-income households (those earning more than $114,000 annually). Sales under $500,000 were largely concentrated in areas outside of Manhattan, including the Bronx and Staten Island. Enlarge >>
Despite higher incomes, New York City homeowners with mortgages face high housing cost burdens.
Most of New York City’s owner households (61%) reported carrying a mortgage in 2014, a rate only slightly lower than the national rate of 64%. But New York City households with a mortgage were more likely to be housing cost-burdened than their counterparts nationwide; 47% of New York City households with a mortgage were cost-burdened in 2014 compared to 28% of mortgage-holders in the U.S. Enlarge >>
The majority of sales in New York City in 2014 were too expensive for the vast majority of New York City households.
77% of New York households earn up to $114,000 annually, and just 42% of home sales in 2014 were affordable to these households. Enlarge >>