New York is a hell of a town, but not for homebuyers. Family income levels are barely higher than the national median of $65,000, but home prices are nearly two and a half times as much, according to the National Association of Home Builder/Wells Fargo Housing Opportunity Index.
That puts nearly two-thirds of the New York metro-area's housing inventory out of reach for the average homebuyer. In Manhattan, home prices are even more stratospheric, averaging a brutal $1,100 a square foot, according to appraiser Miller Samuel. That means this $1.3 million listing for a 1,200-square-foot, two-bedroom apartment on the Upper West Side is pretty much the norm.
And, despite substantial unemployment, 8.5% in October, people continue to move to Gotham and its surrounding boroughs. The metro area gained nearly 100,000 newcomers last year -- nearly the entire population of a small city. All of those new residents make it that much harder to find an affordable place.
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
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|30 yr fixed||4.48%||4.38%|
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