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You must compare apples to apples. In NYC, most units are [very] tiny apartments. In Manhattan, they are ALL apartments. $1m as an average price is astonishing. Also, New York City (including Brooklyn, Queens, Bronx, SI) is 305 square miles while San Francisco is just 47.
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Originally Posted by 18Montclair
Well, not as far as median home prices.
Sometimes its as if people in NY are ashamed of the other boroughs.
So true.
Many Manhattanites consider the outer boroughs more "suburbs" than anything. Ridiculous, but spot on. They are as far out as suburbs would be in any other city - in fact, you can get to Manhattan from Greenwich or Bergen County faster than you can from LIC, Jamaica or SI.
The numbers are correct, 18Montclair, but one must look a little deeper.
Sometimes its as if people in NY are ashamed of the other boroughs.
Because Manhattan is more comparable to San Francisco? Manhattan's population: 1,600,000 San Francisco's population: 796,000.
It's hard to compare the entire NYC at 8,400,000 people to San Francisco with 769,000 people when there is far more housing in New York City than tiny San Francisco which means lower prices the overall New York City. Manhattan's average home price is >$1,000,000 for a reason.
It is about $400,000 in NYC when including all five boroughs. Still not the dramatic difference 18Montclair shows us.
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Originally Posted by 4-SV
It's hard to compare the entire NYC at 8,400,000 people to San Francisco with 769,000 people when there is far more housing in New York City than tiny San Francisco which means lower prices the overall New York City.
Bingo. As I said, apples to apples.
Each city has different demographics which makes it difficult (or impossible) to accurately present these numbers, on both sides of the debate.
I agree that Zillow is among the worst sources one can present.
Actually, as of today (8.10.2009), the median listing price of homes in SF is just under $560,000.
This is impossible.
Because according to the National Association of Realtors-they track everything, As of right now(8/10/09) there are 2,301 housing units for sale in San Francisco and only 627 are under $560,000.
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