Home prices in some of the city’s neighborhoods have not just climbed over the last decade, they’ve blasted off, landed on Mars and found water.
Why? Well, look at where the growth is, and then look at this map of the NYC Subway:
More than other factors, the price of real estate seems is tied to how easy it is to get back and forth from Manhattan.
That said, I’d be interested to know the story behind the areas of Manhattan that are stagnating.
NYC is never boring.
Source: New York Home Prices | New York Real Estate Price History
New York City has a good problem to have: it’s getting increasingly more expensive to live there. In the second half of the 20th century, it had the opposite problem and the question was would anyone want to live in all but small parts of it. Those days are gone, so much so that Manhattan became too expensive for most, which partially led to people moving to Brooklyn. Now even Brooklyn is getting too expensive, according to this: Moving Out of Brooklyn Because of High Prices – NYTimes.com.
It’s not surprising to me: NYC is more desirable than ever to move to. Yet the parts of Manhattan and now Brooklyn that people find too pricey are not the whole city. I expect in a few years from now people will be talking about great spots in Queens and the Bronx and how they too are becoming more expensive.
Globally populations are leaving small towns and rural areas and moving to cities. Cities like New York will be the beneficiaries of this, and will grow accordingly. Assuming they are well run cities, they will find ways to accomodate newcomers, and the parts that were cheaper will rise in value.
I don’t see NYC getting cheaper any time soon. It will be more what parts of it people live in, and what the housing will look like. I expect you will see more high rises built in places where none were before, and more and more neighborhoods being gentrified.
Here’s to a growing New York.
(Creative commons image from picsbyfreyja)