Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.
report published Thursday by real estate and data analytics firm NeighborhoodX.
That beats San Francisco — widely viewed as one of the frothiest housing markets in the country — by a mile, the data revealed. In fact, real estate in New York City’s central borough is more than twice as expensive as any other city in the US when measured on a per square foot basis, the report shows.
Manhattan real estate is an average of $ 1,773 per square foot, according to NeighborhoodX. The next most expensive area on a per square foot basis is San Francisco, which averages $ 902 per square foot. That’s followed by Boston at $ 586 per square foot, Washington D.C. at $ 515 and Miami Beach at $ 504.
Of particular note, the most expensive property in Manhattan is $ 10,054 per square foot, with just a handful of ritzy units commanding that astronomical sum, the report said.
Chart courtesy NeighborhoodX
While Manhattan has the most expensive property per square foot, it also has a wide range in prices: In the more northern parts of Manhattan, real estate prices drop significantly. In the Inwood neighborhood of Manhattan, for example, prices average a much more reasonable $ 447 per square foot.
A city like Portland, Oregon, by contrast, does not have nearly the same range in square foot prices, where prices can swing from $ 98 per square foot on the low end, to $ 1,053 at the upper level. That’s a range of less than $ 1,000 per square foot, compared to the more than $ 9,500 price range per square foot in Manhattan.
For the report, NeighborhoodX used data from asking prices of market-rate properties currently listed for sale, but does not include outliers such as foreclosures, short-sales and income and age restricted housing.
Let’s block ads! (Why?)