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Old 01-16-2012, 07:22 PM
 
Location: On the edge of the universe
927 posts, read 493,674 times
Reputation: 1095
Default Why is NYC real estate/renting so expensive?

I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents. Not trying to bash the city; I visited the Big Apple many years ago and nobody beats New York as far as culture and the good stuff. My dad's side of the family actually is from the northeastern US and I have to tell you, the northeast has got a LOT going for it. I don't buy into the stereotypes of New Yorkers and your neighbors; I've found that East Coasters tend to be the most open of all the areas of the Union. But I never could figure out why real estate/rents are so high here. Isn't high real estate sort of a downer for you? I wonder what would happen if NYC rents and real estate were to drop down to the price you pay in the Midwest.

Not trying to be a noob, just curious.
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Old 01-16-2012, 07:42 PM
 
5,949 posts, read 4,124,751 times
Reputation: 4907
Quote:
Originally Posted by fireandice1000 View Post
I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents.
Supply and demand.
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Old 01-16-2012, 07:49 PM
 
10,489 posts, read 8,140,523 times
Reputation: 14193
Quote:
Originally Posted by fireandice1000 View Post
I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents. Not trying to bash the city; I visited the Big Apple many years ago and nobody beats New York as far as culture and the good stuff. My dad's side of the family actually is from the northeastern US and I have to tell you, the northeast has got a LOT going for it. I don't buy into the stereotypes of New Yorkers and your neighbors; I've found that East Coasters tend to be the most open of all the areas of the Union. But I never could figure out why real estate/rents are so high here. Isn't high real estate sort of a downer for you? I wonder what would happen if NYC rents and real estate were to drop down to the price you pay in the Midwest.

Not trying to be a noob, just curious.
Because it's the Center of the Universe!

(I can't afford to live there either)
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Old 01-16-2012, 08:20 PM
 
Location: New York City
523 posts, read 445,806 times
Reputation: 358
Exactly.

Quote:
Originally Posted by nybbler View Post
Supply and demand.
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Old 01-16-2012, 08:22 PM
 
Location: Bronx, NY
14 posts, read 22,644 times
Reputation: 12
Because its the greatest city on earth! Im sure the mid-west and other areas of the country have a ton to offer - but it depends on what you are looking for. New york city is very desireable for young people because there are so many career opportunities, great night life, lots of different forms of entertainment, etc etc. It also attracts a lot of immigrants because its so diverse. I cant say the same for too many other places in the world, and i have traveled all over.

and yes, as someone above mentioned - its simple supply and demand. If people werent interested in coming here, the prices would be much lower.
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Old 01-18-2012, 06:30 AM
 
Location: Manhattan
10,581 posts, read 9,017,907 times
Reputation: 4312
Because Manhattan has the only jobs left East of the Mississipppi.
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Old 01-18-2012, 07:12 AM
 
Location: Brooklyn New York
11,848 posts, read 10,275,834 times
Reputation: 12949
Rents are high because people pay them.
If there were studio apartments for rent at 2500.00, which a lot of them are, if no one rented them the rent would have to be lowered, but there is always some idiot that will spend that amount on rent so thats why they keep going up.
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Old 01-18-2012, 07:21 AM
 
906 posts, read 636,218 times
Reputation: 461
The free market dictates the price. Supply meet Demand.
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Old 01-18-2012, 09:23 AM
bg7
 
3,153 posts, read 2,149,039 times
Reputation: 3405
Quote:
Originally Posted by nightcrawler View Post
Rents are high because people pay them.
If there were studio apartments for rent at 2500.00, which a lot of them are, if no one rented them the rent would have to be lowered, but there is always some idiot that will spend that amount on rent so thats why they keep going up.

there sure are a lot of idiots who are well off right?
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Old 01-18-2012, 10:15 AM
 
Location: Brooklyn New York
11,848 posts, read 10,275,834 times
Reputation: 12949
Quote:
Originally Posted by bg7 View Post
there sure are a lot of idiots who are well off right?


ain't that the truth....
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