When getting into anything, it helps to do a little reconnoitering of the facts. And for the proper socioeconomic context in which to put such data, it helps to consult governmental authorities such as census reports.

New York’s median annual household income is almost forty-three and a half thousand dollars, compared with the national average of just under forty-two thousand a 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 post the same general ratios 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 been viewed as simple market corrections instead of anything more ominous. Indeed, other categories of housing – that is, one, two, and three-bedroom units – have held fairly 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 only 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 always be bustling with economic activity, and the state along with it in a rising-tide-lifts-all-boats manner. Home prices of half a million are not at all unusual, and should be considered the “entry-level” price one can 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!

Author Bio: Barbra I. Miller writes frequently on real estate topics for various online publications. Please visit KWRealEstateNetwork.com for more great articles from industry insiders such as Isaac Toussie and others!

Category: Real Estate
Keywords: real estate, new york, ny, nyc, new york city, property, property markets, realty