New York was the nation’s second most expensive metropolitan area for homeownership in the third quarter, with a median sales price of $450,000, according to survey data compiled by the Center for Housing Policy, released today, Crain’s reported. The city comes second only to San Francisco, for which the median sale price was $585,000.
“New York City has been steadily on the expensive side in terms of homeownership for years,” said Laura Williams, research associate at the Center for Housing Policy. “There are many people who are really essential community members, folks you want living in the community where they work, who can’t but should be able to afford housing.”
Of 74 occupations examined by the survey, only construction managers, with an average annual salary of $132,000, could afford a median-priced home in the city.
While New York may seem unaffordable to buyers, renters may be having it slightly easier. New York is more affordable than eight California cities, including San Francisco and Los Angeles, the data shows, with fair market rent for a two-bedroom unit in New York coming in at $1,403, compared with $1,833 in San Francisco. [Crain’s]