Everyone in NYC knows that living here is expensive. In fact, if you are moving here from another city, you can expect to pay approximately twice the rent for half the apartment you currently have. What you might not know, however, is just how much real estate prices have risen over the last 10 years.
If you are considering a move, you may want to know which locations have seen price increases. Data from the real estate appraisal firm Miller Samuel shows how each of the boroughs fared during this 10-year period in terms of prices for co-ops, condos and one-to-three family homes.
Four of the five boroughs saw increases in real estate prices from 2006 to 2016:
· Brooklyn: Prices up 68.1 percent
· Manhattan: Prices up 63.8 percent
· Queens: Prices up 19.5 percent
· Staten Island: Prices up 9.3 percent
· Bronx: Prices down 3.6 percent
We also have data for rentals in Manhattan during this period. The cost of renting in Manhattan rose from $3,874 to $4,124.
What can this data tell you?
Whether you are a buyer, seller or both, knowing these figures may help you determine what your home is worth and/or what you can expect if you are purchasing another home in the city. These numbers do not, however, predict what will happen over the next 10 years.
It is a good idea to have legal representation for real estate transactions in NYC. Speak to a real estate law attorney to learn more.