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It is for the top 100 metro areas/divisions, I believe, not city propers.
If that's the case where is Grand Rapids lol?? Am I going blind?
When I look at that list I see both core cities and suburbs in metro's anywhere from 500k people and higher. I wonder what the criteria is that GR would not be included, it doesn't appear clear to me when I read through it.
I wonder what the percentage of new development is office vs residential. Because it seems it is swaying heavily to residential. The buzzard point development along with Navy yards around Nationals Park, the wharf, NY Ave area, U street, etc and there is still more to come.
I think almost all development across the city is residential at this point. DC has like 200 million sq. feet of office in city limits when Federal office buildings are included. I don’t think DC needs more than 100 million sq. feet of office space and probably less than that since COVID with WFH. I predicted downtown DC would one day be one of the densest downtowns in the nation and I think we are seeing it happen in front of our eyes.
The amount of buildings clustered together in DC if converted to residential will reach NYC level density. There is nothing to bring down the population density because the buildings spread in all directions without any breaks for blocks and blocks.
We have known about the future of NOMA, Northwest One, Union Market, Mt. Veron Triangle, Navy Yard, Buzzard Point, Wharf/Waterfront Station, Poplar Point/Bridge District, etc. etc. etc. What nobody predicted is downtown DC leading the residential pipeline in DC headed to 2030 which I am positive will be the case. There was a report out recently that said there are 300 class B/C office buildings in DC proper.
Office building owners are even handing the keys back to their lenders in-lieu of foreclosure which is allowing the lenders to sell the buildings at steep discounts making residential conversions viable regardless of the office building design. Some of the conversions are even doing partial demolition taking the office building down to the 2nd floor and then building it back up to 12-15 stories with courtyards for residential.
Last edited by MDAllstar; 10-29-2022 at 11:19 PM..
I’m not surprised Miami is now more expensive than Los Angeles and San Diego. It has limited land and has become a very desirable city for both people and corporations. Insane.
I’m not surprised Miami is now more expensive than Los Angeles and San Diego. It has limited land and has become a very desirable city for both people and corporations. Insane.
If the earlier list of median 2-person salaries is correct, Miami apartment prices appear to be at odds with salaries. 5th most expensive apartments and 2nd lowest income on that list of 50 cities (a few cities were missing).
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Originally Posted by 2Easy
If the earlier list of median 2-person salaries is correct, Miami apartment prices appear to be at odds with salaries. 5th most expensive apartments and 2nd lowest income on that list of 50 cities (a few cities were missing).
It tends to be at odds with many local W-2 salary reported workers here. Keep in mind in the absence of a large corporate presence and very high foreign population a large percentage are self employed small business owners in which case not all earnings get reported (not saying all of these types are rich either) and are we positive the time frames used is capturing WFH types who relocated and brought their higher, out of state earnings with them?..not denying the affordability factor is out of whack here but above helps explain why it’s a top 5 expensive market, rent price alone and—with no month to month drop off in price, per Zumper—there’s not a mass exodus out of here as others claim from time to time.
It’s the relocating WFH and South American (now that Covid restrictions have lessened and as the continent turns more and more left) immigrants that have jump fueled the skyrocketing prices. Yeah, if you are a local earning local W-2 reported wages, odds are you have a more difficult time! Many of the South Americans have brought with them and put their money into real estate here, reducing inventory and driving up prices. I hope this helps explain the affordability discrepancy here between rent prices and reported wages.
Last edited by elchevere; 10-31-2022 at 09:31 AM..
Also, NYC is shocking. Is this just Manhattan? I could not fathom paying nearly $4,000/month for a 1 bedroom apartment. I live in the PNW and pay $2,300/month for a 3 bed, 1.5 bath with a backyard.
In my building in Manhattan, low floor studios are going for $4k/month, high floors ones for $4.5k, 1 bedrooms for almost $6k. The rental market is insane right now.
In my building in Manhattan, low floor studios are going for $4k/month, high floors ones for $4.5k, 1 bedrooms for almost $6k. The rental market is insane right now.
Sounds like this building just might not be the best example of average rent across the entire city.
A poster on reddit recently debunked Zumper and their rent reports, basically its all based by units through their company, which skew entirely towards newer high end units within the downtown core of cities. They're not a good representative source for any city. So you have a city like Miami which seems expensive, but they're only listing the average rent prices for newer luxury apartments which inflates the prices like crazy making it appear more expensive than it really is. That would explain why Phoenix's numbers looked way off to me, they must have limited data for luxury apartments in Phoenix core which explains the odd average rent pricing for that city.
It tends to be at odds with many local W-2 salary reported workers here. Keep in mind in the absence of a large corporate presence and very high foreign population a large percentage are self employed small business owners in which case not all earnings get reported (not saying all of these types are rich either) and are we positive the time frames used is capturing WFH types who relocated and brought their higher, out of state earnings with them?..not denying the affordability factor is out of whack here but above helps explain why it’s a top 5 expensive market, rent price alone and—with no month to month drop off in price, per Zumper—there’s not a mass exodus out of here as others claim from time to time.
It’s the relocating WFH and South American (now that Covid restrictions have lessened and as the continent turns more and more left) immigrants that have jump fueled the skyrocketing prices. Yeah, if you are a local earning local W-2 reported wages, odds are you have a more difficult time! Many of the South Americans have brought with them and put their money into real estate here, reducing inventory and driving up prices. I hope this helps explain the affordability discrepancy here between rent prices and reported wages.
I did caveat by saying that “if” the incomes posted are accurate. I don’t know the source nor the timing.
I’m not sure that I follow your explanation. Are you saying that the people moving to Miami don’t show up in local income surveys and that the median incomes are potentially incorrect?
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