A city of dreams, a city of inspiration, and a city that houses nearly 8.6 million people, New York is a place the world looks up to and it comes as no surprise that this biggie also remains as one of the priciest cities to buy homes. Yes, NYC’s real estate has rocketed sky-high over the past few years because of its booming economy and the job market. With more than 100 billionaires (more than the average number of billionaires in several countries) and 220,000 businesses to its credit, buying a home in New York is becoming a more and more distant dream for many.
The average home in one of the world’s busiest cities is $1.5 million with an approximate cost of $1,376 per sq/ft which doesn’t really sound like an easy sum to afford. In fact, stats reveal that several millionaires from Wall Street have moved their residences to other states with less cost of living within America.
Ken Griffin, an American billionaire, and hedge fund manager own NYC’s most expensive penthouse for a soaring $238 million situated in Manhattan. But apart from this, most other penthouse owners in NYC’s busiest borough are finding it hard to sell theirs and hence, splitting them into smaller units to move them in the market. Moreover, since the cost of living in Manhattan spikes 148% higher than many other major cities in the U.S, it becomes even harder to move to this place.
However, in spite of NYC’s pricey life, the number of people who keep coming in on a daily basis is growing without decline. All thanks to the opportunities the place offers, after all, it is the city that never sleeps.