When getting into anything, it helps to do a little reconnoitering of the facts, even for a professional developer such as Isaac Toussie. And for the correct socioeconomic context in which to put such data, it helps to check governmental authorities such as census reports.
New York’s median annual household income is almost forty-three and a half thousand dollars, compared to the national average of just under forty-two thousand every year. The state median family income also comes out ever-so-slightly ahead of the national figure at over fifty-one thousand versus just over fifty-thousand per annum. As might be expected, per capita differences show the same general ratio at almost twenty-three and a half thousand to over twenty-one and a half thousand, respectively.
Some more facts and figures need to be taken into consideration for a well-rounded appraisal of realty trend lines in New York, but these pertain more specifically to real estate: the median value of owner-occupied housing units is well over a hundred and forty-eight thousand dollars, almost thirty thousand dollars more than the national average of only over one hundred and nineteen thousand. Curiously, the asking price for housing units statewide compared to nationwide posted only a slight difference of about five thousand dollars, at well over ninety-four thousand dollars to only over eighty-nine thousand, respectively.
Average sales prices for homes in the Empire State have generally been between two hundred and three hundred thousand dollars for four bedroom units, the most expensive category of housing. However, extremely dramatic spikes and drops have been posted periodically, such that gains of up to over seven hundred thousand dollars were reached. Such surges and declines have not lasted more than a year, and because the drop-offs have only very rarely fell past previous baseline levels, they may have been viewed as simple market corrections instead of anything more ominous. Indeed, other types of housing – that is, one, two, three, and even four-bedroom units – have held rather steadily for a decade, rising only gradually from an average of around one hundred thousand to no more than two hundred thousand almost ten years later. When considering just one and two-bedroom homes, prices have only appreciated around fifty-thousand dollars in eight years.
It can be surmised that New York’s residential real estate market is fairly stable on the whole. The recent economic woes afflicting the nation have certainly made an impact, but residential realty statewide seems to have weathered it fairly well, all things considered. After all, this is the capital of the world we’re talking about here!
That means that New York City will forever be bustling with economic activity, and the state along with it in a rising-tide-lifts-all-boats manner. Local developers such as
Isaac Toussie find home prices of half a million not at all unusual, and should be thought of the “entry-level” price one should expect to pay, even for somewhat dilapidated structures in some of the city’s worst neighborhoods. Rents are perhaps even more incredible, with people actually leasing out their walk-in closets as rooms!