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Which metro area has a higher cost of living and more expensive housing, the Greater New York City Area or the San Francisco Bay Area / Silicon Valley Area?
In fact, if we're talking COL from a housing perspective, you'd be surprised to see where New York City MSA ranks. As of EOY 2017/Q1 2018, Greater Boston and Seattle had surpassed NYC. I think DC was right there too. I think the top 5 most expensive cities now reside in California. MSAs would be much the same.
According to Realtor.Com analytics for EOQ1 2018, these are the top 10 priciest major metros as far as median home prices are concerned:
*San Jose: $1.4M
*San Francisco: $1.1M
*Los Angelos: $847k
*San Diego: $784K
*Seattle: $603k
*Boston: $549k
*NYC: $520k
*Washington DC: $515k
*Miami: $513k
*Denver: $500k
I'm a bit surprised to see the pace in which the DC housing market is cooling down. Similarly, it looks like Seattle (finally) has leveld off, unless something sparks new growth in the coming quarter. It looks like places like Madison, Milwaukee, Ann Arbor, Rochester, Philadelphia are continuing to pick up steam as migrations happen outbound from IL and NYC.
Separately, I'm more fearful than ever regarding the Boston market and it's continued growth. Much like Seattle, it's nearing crisis levels as far as shortage of inventory vs. housing prices vs. location to the urban core. Traffic. The sprawl. The inability for residents to afford a home within 40 miles of the city. When Lowell and Worcester are two of the top 100 hottest markets in the US, it's time to push the panic button.
In fact, if we're talking COL from a housing perspective, you'd be surprised to see where New York City MSA ranks. As of EOY 2017/Q1 2018, Greater Boston and Seattle had surpassed NYC. I think DC was right there too. I think the top 5 most expensive cities now reside in California. MSAs would be much the same.
According to Realtor.Com analytics for EOQ1 2018, these are the top 10 priciest major metros as far as median home prices are concerned:
*San Jose: $1.4M
*San Francisco: $1.1M
*Los Angelos: $847k
*San Diego: $784K
*Seattle: $603k
*Boston: $549k
*NYC: $520k
*Washington DC: $515k
*Miami: $513k
*Denver: $500k
Why is that every time I look at these realtor sites they compare Manhattan (a tiny piece of NYC) yo entire cities. How is that even allowed in studies? It’s clesrly and obviously incorrect information to someone who lives outside of the city!
Why is that every time I look at these realtor sites they compare Manhattan (a tiny piece of NYC) yo entire cities. How is that even allowed in studies? It’s clesrly and obviously incorrect information to someone who lives outside of the city!
I assume because Manhattan alone is bigger than every other city in the country besides the top 4.
Why is that every time I look at these realtor sites they compare Manhattan (a tiny piece of NYC) yo entire cities. How is that even allowed in studies? It’s clesrly and obviously incorrect information to someone who lives outside of the city!
To be fair, it's likely higher than Boston/Seattle once taxes are accounted for. Property taxes in NYC MSA are 1.7x that of Greater Boston. And Seattle has no income tax, so that's an $800 bump in pay for the average dual-income family living in a $600k house.
These deltas do make a significant difference. That's part of the reason why Chicago looks so affordable on paper. Taxes are just as high as NYC.
In fact, if we're talking COL from a housing perspective, you'd be surprised to see where New York City MSA ranks. As of EOY 2017/Q1 2018, Greater Boston and Seattle had surpassed NYC. I think DC was right there too. I think the top 5 most expensive cities now reside in California. MSAs would be much the same.
According to Realtor.Com analytics for EOQ1 2018, these are the top 10 priciest major metros as far as median home prices are concerned:
*San Jose: $1.4M
*San Francisco: $1.1M
*Los Angelos: $847k
*San Diego: $784K
*Seattle: $603k
*Boston: $549k
*NYC: $520k
*Washington DC: $515k
*Miami: $513k
*Denver: $500k
I'm a bit surprised to see the pace in which the DC housing market is cooling down. Similarly, it looks like Seattle (finally) has leveld off, unless something sparks new growth in the coming quarter. It looks like places like Madison, Milwaukee, Ann Arbor, Rochester, Philadelphia are continuing to pick up steam as migrations happen outbound from IL and NYC.
Separately, I'm more fearful than ever regarding the Boston market and it's continued growth. Much like Seattle, it's nearing crisis levels as far as shortage of inventory vs. housing prices vs. location to the urban core. Traffic. The sprawl. The inability for residents to afford a home within 40 miles of the city. When Lowell and Worcester are two of the top 100 hottest markets in the US, it's time to push the panic button.
On a cost per square foot basis, I believe Manhattan is still the most expensive.
To be fair, it's likely higher than Boston/Seattle once taxes are accounted for. Property taxes in NYC MSA are 1.7x that of Greater Boston. And Seattle has no income tax, so that's an $800 bump in pay for the average dual-income family living in a $600k house.
These deltas do make a significant difference. That's part of the reason why Chicago looks so affordable on paper. Taxes are just as high as NYC.
Yea but why do they just choose to compare Manhattan instead of the 5 boroughs which is really what NYC is?
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