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That would be nice. I sure hope so. It would shift the world's power, if nothing else, to places like Chicago and LA. A nice change of pace, if you will.
That would be nice. I sure hope so. It would shift the world's power, if nothing else, to places like Chicago and LA. A nice change of pace, if you will.
A larger population does not equal more power. Paris is smaller than LA, but Paris is a member of the Big Four (NYC, London, Tokyo, and Paris).
My parents bought this house in West L.A. for under 300k in 1994. About three years ago it was appraised at 1.2 million. It currently is worth around 1 million since I'm less than a 5 minute walk from the beach.
My aunt bought a condo a few blocks away in 1997 for less than 150k and it's worth I believe between 400k and 500k.
My friend's parents bought a house in El Segundo, CA in the South Bay for less than 500k in 1996 and it's worth 1.5 million now.
thePR did site a valid source ranking NYC number one in impact.
My parents bought this house in West L.A. for under 300k in 1994. About three years ago it was appraised at 1.2 million. It currently is worth around 1 million since I'm less than a 5 minute walk from the beach.
My aunt bought a condo a few blocks away in 1997 for less than 150k and it's worth I believe between 400k and 500k.
My friend's parents bought a house in El Segundo, CA in the South Bay for less than 500k in 1996 and it's worth 1.5 million now.
thePR did site a valid source ranking NYC number one in impact.
That list is rubbish. New York is not nearly in as much as a real estate downfall as LA and Chicago. Los Angeles is in a far more real-estate "crisis" than NYC and most of the cities hit hard are in the Los Angeles metro (after Detroit) and California.
People there in NY can obviously afford their homes in comparison to LA even though NYC is more expensive. New York had the only "immune" area in the country too: Manhattan.
Chicago is worse than Los Angeles. Chicago ranks 30, Los Angeles ranks 35 and New York City ranks 76.
People there in NY can obviously afford their homes in comparison to LA even though NYC is more expensive. New York had the only "immune" area in the country too: Manhattan.
Not necessarily. 30.2% of New York City residents are homeowners. 38.6% of Los Angeles residents are homeowners. Both cities are too expensive for the wages of the average resident to own a home in this market. In both cities, many homeowners likely bought much earlier than the last eight years.
The source only considers metropolitan areas, but in the 2007 real estate market, only 3% of LA Metro area residents could afford to own the median home price and only 6% of NYC Metro residents could afford to own the median priced home. This is a statistic neither city should be proud of. These are extremely low numbers!!! 97% of LA area residents could not afford to buy the median home in 2007 and 94% of NYC area residents couldn't. I think it is safe to say that both cities are very unaffordable.
Greetings from Australia.
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Cheers from Australia
Not necessarily. 30.2% of New York City residents are homeowners. 38.6% of Los Angeles residents are homeowners. Both cities are too expensive for the wages of the average resident to own a home in this market. In both cities, many homeowners likely bought much earlier than the last eight years.
The source only considers metropolitan areas, but in the 2007 real estate market, only 3% of LA Metro area residents could afford to own the median home price and only 6% of NYC Metro residents could afford to own the median priced home. This is a statistic neither city should be proud of. These are extremely low numbers!!! 97% of LA area residents could not afford to buy the median home in 2007 and 94% of NYC area residents couldn't. I think it is safe to say that both cities are very unaffordable.
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