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Old 09-06-2018, 04:50 PM
 
Location: Tokyo, Japan
6,484 posts, read 7,757,114 times
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Quote:
Originally Posted by Gaylord_Focker View Post
Can someone explain the NY MSA number to me? TIA
Yeah, when it comes to Greater New York, there are layers to it, like an onion.

At the very core of the area itself (Manhattan) the median price for a home is exceptionally high at $1.3 million, at the city level itself (all 5 boroughs) the median price scales back to around half of that at $672,200 as the area expands, when you expand out of the city-proper completely and into the frame of the MSA that figure drops even more to $410,500. The same can be said when expanding from MSA to CSA as exurban communities with an even lower ceiling on median housing prices are added in.

There are counties in Greater New York that are priced with the same median housing price as Greater Atlanta MSA ($228,000), some of them even lower, and then there are some that are priced nearly as high as the San Jose MSA ($1,400,000) with regard to median housing price. Then there are counties of all price ranges in between the two extremes, which is where Greater New York's median home price for the whole of the metropolitan area settles, in between the two extremes.

These are counties in Greater New York MSA by median home price:

01. New York County, NY: $1,315,700

02. Kings County, NY: $789,900

03. Queens County, NY: $637,400

04. Nassau County, NY: $531,600

05. Richmond County, NY: $521,500

06. Bergen County, NJ: $462,300

07. Rockland County, NY: $453,700

08. Morris County, NJ: $435,100

09. Hudson County, NJ: $428,700

10. Bronx County, NY: $416,700

11. Monmouth County, NJ: $415,900

12. Somerset County, NJ: $400,800

13. Essex County, NJ: $384,000

14. Suffolk County, NY: $376,700

15. Putnam County, NY: $341,600

16. Union County, NJ: $336,100

17. Passaic County, NJ: $329,600

18. Middlesex County, NJ: $321,700

19. Ocean County, NJ: $278,900

20. Dutchess County, NY: $268,300

21. Orange County, NY: $246,700

22. Sussex County, NJ: $229,400

23. Warren County, NJ: $224,700

24. Pike County, PA: $143,800

When you expand from MSA to CSA, which is the entire reason most of these places are in Greater New York now in the first place is due to their affordability factor as compared to places further inside the core of the metropolitan region (for the most part, there are some exceptions though like Fairfield County, CT). These are the additional CSA counties that are added into Greater New York when going from MSA to CSA:

01. Fairfield County, CT: $537,000

02. Litchfield County, CT: $270,000

03. Mercer County, NJ: $235,800

04. Ulster County, NY: $222,900

05. New Haven County, CT: $210,400

06. Northampton County, PA: $206,500

07. Lehigh County, PA: $193,600

08. Monroe County, PA: $148,700

09. Carbon County, PA: $146,700

With most of the Western cities ahead of Greater New York in median home price, none of them outside of the San Francisco Bay Area have a single county more expensive than New York County but very few of them (much closer to none of them, likely only Denver) have counties that are generally as inexpensive as Pike County, Warren County, Sussex County, Orange County, or Ocean County either in their MSAs. Which is why their metropolitan area medians are higher, while they lack the summit-peak Greater New York has, they also lack the valleys in Greater New York as well.
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Old 09-06-2018, 05:07 PM
 
Location: where the good looking people are
3,442 posts, read 2,267,636 times
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Sacramento trying to come up, lol
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Old 09-06-2018, 05:11 PM
 
Location: Tokyo, Japan
6,484 posts, read 7,757,114 times
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As was pointed out before, the median price for a home in Greater New York MSA is $410,500 as according to the National Association of Realtors.

https://www.nar.realtor/sites/defaul...2018-08-08.pdf

When you look at individual counties and their respective median home price then you'll see that 12 of them have median home prices clearly below the metropolitan area's median home price ($410,500) and below the $400,000 range, 7 of them are within the same general range as the metropolitan area's median home price and within the $400,000 range ($400,000 - $499,999), and 5 of them are above the $500,000 USD and higher than the metropolitan area's median home price range.

When expanding from MSA to CSA, 20 counties in Greater New York have median home prices beneath $400,000 USD, 7 still stay in the same general range as the MSA's median (meaning $400,000 to $499,999), and 6 are above $500,000 and above the MSA's median range overall.

The Washington D.C. metropolitan area, perhaps more than anywhere else, works in a similar enough fashion to Greater New York to where you can put them in the same camp when it comes to real-estate situations (obviously to a much smaller scale than Greater New York due to the size disparity between the two places).

That should both simplify and clarify the real-estate outlook in Greater New York for you.
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Old 09-06-2018, 05:34 PM
 
Location: Tokyo, Japan
6,484 posts, read 7,757,114 times
Reputation: 7300
Quote:
Originally Posted by atadytic19 View Post
It doesn't matter if you made it to Noah's Ark last; what matters is that you made it while many others didn't.
I see.
Quote:
Originally Posted by atadytic19 View Post
Charlotte should not be made to seem lesser than just because it barely made it to the list while many other cities did not make it at all. It would be another matter if there were only 22 cities in the US, but it's not. Charlotte is on the list while peer cities such as Orlando, Tampa, Minneapolis-Saint Paul, San Antonio, and more prominent cities such as Philadelphia, Atlanta did not.
First order of business from my end would be to reassure you that I was not trying to imply that Charlotte is a lesser city to anywhere. I was just pointing out that Charlotte just got in above the threshold recently and that the gap between it and Atlanta, while currently unknown, is more than likely not that large. If I had to peg it myself then I would say that Atlanta likely just missed the threshold by a few ticks at most. I've been following real-estate trends all decade long and in the recent 3 years Greater Atlanta has been steadily picking up the pace with its higher valued real-estate each passing year.

All I was doing was answering for your statement "I'm surprised Charlotte is on the list but Atlanta is not." While I personally expected to see Atlanta on the list, I am not surprised to see that it is not. However, from my perspective I've been studying city based real-estate and income levels for the last 8 years, every month, every quarter, and every year. In other words, a lot of things that should come as a surprise actually don't come as a surprise at all.

1. Single family home & Condo: Average median prices Q3 2012 by metropolitan areas

2. Median Price of Housing (Single Family Housing and Condominium Housing), Quarter 1 2015

3. Median Single Family Housing Prices by Metropolitan Statistical Area (MSA) for 1Q 2017

Essentially I had the working knowledge beforehand that Greater Atlanta was still posting a recovery from its recessionary lows, it took Atlanta 10 full years to get back to the peak it was at in 2008 with respect to median housing prices. The same applies to its stock of luxury homes and high valued real-estate. I expect the city to surge the next 5 years in a big way and make up for much of the time lost in the last decade. Like I mentioned earlier, Charlotte in contrast didn't get beat up and chewed out like chewing gum by the recession the way Atlanta did. So getting back on top and reaching new highs were an easier path for Charlotte, as it accomplished that feat many years before Atlanta did. Things between the two will moderate in the years to come as Atlanta likely passes Charlotte up overall in the next 3-5 years.

Also to the guy wondering why Raleigh is higher than Dallas, it is because the Fort Worth side of the Metroplex brings the percentage basis down. If it was just the 5 million person metropolitan division of Dallas-Plano-Irving, the percentage would look very much in line with Houston, more than likely a tick or two ahead of Houston.
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Old 09-06-2018, 11:53 PM
 
1,022 posts, read 747,206 times
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Quote:
Originally Posted by Fastphilly View Post
Stockton is still roughly $150K above the average in the Midwest
$289K avg price for Stockton, above most Midwest metros, but on par with several. Granted, those Midwest Metros are probably a lot nicer places to live than Stockton (other than Winter Weather), but here are some with medians in the $250-$300K range:

Madison, WI metro $252K
Ann Arbor, MI metro $280K
MSP $260K
Bismark, ND metro $271K
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Old 09-07-2018, 12:02 AM
 
Location: Northeast states
10,391 posts, read 7,309,186 times
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Quote:
Originally Posted by Texamichiforniasota View Post
$289K avg price for Stockton, above most Midwest metros, but on par with several. Granted, those Midwest Metros are probably a lot nicer places to live than Stockton (other than Winter Weather), but here are some with medians in the $250-$300K range:

Madison, WI metro $252K
Ann Arbor, MI metro $280K
MSP $260K
Bismark, ND metro $271K
Upstate, Centreal, Western New York is cheap but taxes are high
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Old 09-07-2018, 08:44 AM
 
Location: ITP - City of Atlanta Proper
7,803 posts, read 11,762,244 times
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Quote:
Originally Posted by jas75 View Post
Maybe Atlanta just narrowly missed the cutoff for this list.
I would say so, but it would be interesting to dig in to the numbers. To me it's not too suprising though. The majority of $1 million plus homes in Atlanta are in the city proper which makes up a small percentage of the metro land area. In addition to that, home pricess fall significantly as soon as you are out of the city proper as well.

For example, I purchased a home 2 years ago in an inner suburb right on the border of the City of Atlanta. On the Atlanta side of the border, condos go for anywhere between $250k to $400k and townhouses go for $600k to $1 million plus. On my side of the border, prices are half of that.

Considering this is the case for the rest of the metro, and prices fall significantly the further away from Atlanta proper you get, it's not shocking at all to not see Atlanta on this list.
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Old 09-07-2018, 11:07 AM
 
Location: Los Angeles & Houston
1,267 posts, read 639,573 times
Reputation: 1311
Quote:
Originally Posted by waronxmas View Post
I would say so, but it would be interesting to dig in to the numbers. To me it's not too suprising though. The majority of $1 million plus homes in Atlanta are in the city proper which makes up a small percentage of the metro land area. In addition to that, home pricess fall significantly as soon as you are out of the city proper as well.

For example, I purchased a home 2 years ago in an inner suburb right on the border of the City of Atlanta. On the Atlanta side of the border, condos go for anywhere between $250k to $400k and townhouses go for $600k to $1 million plus. On my side of the border, prices are half of that.

Considering this is the case for the rest of the metro, and prices fall significantly the further away from Atlanta proper you get, it's not shocking at all to not see Atlanta on this list.
It goes by metro area so it is shocking. Atlanta isn't the only city with small city limits. I think the best answer was that it was one of the hardest hit cities in the recession.
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Old 09-07-2018, 05:56 PM
 
Location: Tokyo, Japan
6,484 posts, read 7,757,114 times
Reputation: 7300
Ultra High Net Worth Individuals = People with more than $30,000,000 in net worth.




01. Greater New York MSA's Total Ultra High Net Worth Individuals Population: 14,574
- UHNW residents: 8,340
- UHNW second homeowners: 6,234

02. Greater Los Angeles MSA's Total Ultra High Net Worth Individuals Population: 8,272
- UHNW residents: 4,590
- UHNW second homeowners: 3,682

03. Greater San Francisco/Oakland MSA's Total Ultra High Net Worth Individuals Population: 6,391
- UHNW residents: 2,350
- UHNW second homeowners: 4,041

04. Greater Chicago MSA's Total Ultra High Net Worth Individuals Population: 3,896
- UHNW residents: 3,100
- UHNW second homeowners: 796

05. Greater Dallas/Fort Worth Metroplex MSA's Total Ultra High Net Worth Individuals Population: 2,968
- UHNW residents: 2,330
- UHNW second homeowners: 638

06. Greater Miami/Fort Lauderdale MSA's Total Ultra High Net Worth Individuals Population: 2,927
- UHNW residents: 1,440
- UHNW second homeowners: 1,487

07. Greater Houston MSA's Total Ultra High Net Worth Individuals Population: 2,884
- UHNW residents: 2,290
- UHNW second homeowners: 594

08. Greater San Jose MSA's Total Ultra High Net Worth Individuals Population: 2,791
- UHNW residents: 1,380
- UHNW second homeowners: 1,411

09. Greater Toronto Area's Total Ultra High Net Worth Individuals Population: 2,021
- UHNW residents: 1,760
- UHNW second homeowners: 261

https://www.businessinsider.com/rich...2#15-toronto-3

Lots of money in the San Francisco Bay Area.

Last edited by Facts Kill Rhetoric; 09-07-2018 at 06:12 PM..
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Old 09-07-2018, 06:18 PM
 
59 posts, read 37,331 times
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Quote:
Originally Posted by Facts Kill Rhetoric View Post
Ultra High Net Worth Individuals = People with more than $30,000,000 in net worth.




01. Greater New York MSA's Total Ultra High Net Worth Individuals Population: 14,574
- UHNW residents: 8,340
- UHNW second homeowners: 6,234

02. Greater Los Angeles MSA's Total Ultra High Net Worth Individuals Population: 8,272
- UHNW residents: 4,590
- UHNW second homeowners: 3,682

03. Greater San Francisco/Oakland MSA's Total Ultra High Net Worth Individuals Population: 6,391
- UHNW residents: 2,350
- UHNW second homeowners: 4,041

04. Greater Chicago MSA's Total Ultra High Net Worth Individuals Population: 3,896
- UHNW residents: 3,100
- UHNW second homeowners: 796

05. Greater Dallas/Fort Worth Metroplex MSA's Total Ultra High Net Worth Individuals Population: 2,968
- UHNW residents: 2,330
- UHNW second homeowners: 638

06. Greater Miami/Fort Lauderdale MSA's Total Ultra High Net Worth Individuals Population: 2,927
- UHNW residents: 1,440
- UHNW second homeowners: 1,487

07. Greater Houston MSA's Total Ultra High Net Worth Individuals Population: 2,884
- UHNW residents: 2,290
- UHNW second homeowners: 594

08. Greater San Jose MSA's Total Ultra High Net Worth Individuals Population: 2,791
- UHNW residents: 1,380
- UHNW second homeowners: 1,411

09. Greater Toronto Area's Total Ultra High Net Worth Individuals Population: 2,021
- UHNW residents: 1,760
- UHNW second homeowners: 261

https://www.businessinsider.com/rich...2#15-toronto-3

Lots of money in the San Francisco Bay Area.
Good info!
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