How Muh Money Would Need to Be Put Back to Move to Oxford, New York
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13 mind-blowing facts that show just how expensive New York City really is
Updated
2019-11-15T21:32:00Z
- New York City has a reputation for being one of the most expensive cities in the world.
- New York City's high cost of living is due to its booming economy and large job market across a variety of industries.
- Rents in the city are reaching historic rates and 1.5 million New Yorkers are living in poverty.
- Visit Business Insider's homepage for more stories.
New York City is known for its high prices and its wealthy residents, and that's in large part due to the city's booming job market.
New York City has the world's largest urban economy, reported Steve Goldstein for MarketWatch, citing an Oxford Economics report. In 2018, the city saw its biggest economic boom in 70 years, according to Kirstan Conley for the New York Post. The securities, healthcare, technology, media and business, and tourism-related industries are fueling job growth, she wrote.
As a result, New York City consistently ranks on top 10 lists as one of the world's most expensive cities to live in. Rents in the city are on their way to historic rates, and 1.5 million New Yorkers are living below the poverty level.
Here are 13 mind-blowing facts that show just how expensive New York City really is.
1. Some NYC residents are shelling out millions to live in basements, where they can get more space for their money.
"As prices continue to decline in the luxury market, developers are keen on maximizing every square foot, including below-grade space, while buyers seek out bargains in a supply-heavy market," reported Stefanos Chen for The New York Times.
One buyer told Chen she bought a 2,100-square-foot, two-bedroom underground duplex on the Upper West Side for $2.3 million — twice the size of her place in Williamsburg, Brooklyn. The smaller apartment above her was listed for roughly $1 million more, she said.
2. New York City is the world's only city with more than 100 billionaires.
New York City has 105 billionaires, according toWealth-X's 2019 Billionaire Census report. That's more billionaires than nearly every country in the world, besides the US, China, and Germany.
5. The average price of homes listed in Manhattan is nearly $1.5 million — more than five times the typical national price of homes listed.
The national median price of homes listed is$289,00o, according to Zillow.
7. New York City has the most expensive home ever sold in the US, a $238 million penthouse.
Billionaire hedge-fund manager Ken Griffin purchased the three-floor, 23,000-square-foot penthouse in a skyscraper at 220 Central Park South, reported Business Insider's Katie Warren, citing The Wall Street Journal.
New York City penthouses are so expensive that they're not selling — so real estate companies are splitting them into smaller, cheaper units to get them off the market, Warren reported.
8. New York City is home to one of the top five richest ZIP codes in the country —10007. The average income there is $879,000.
The ZIP code is home to southern Tribeca, according toBloomberg's ranking of America's richest ZIP codes. The average annual income in the ZIP code is $879,000, according to 2016 tax returns.
According to Zillow, the median price of listed homes in the area is $3.485 million. But new Tribeca developments are known for even pricier apartments — penthouses in 30 Park Place, which has Four Seasons private residences, are selling for about $30 million.
12. Private preschools and kindergartens in New York City can cost up to $50,000 a year — more than yearly tuition at some Ivy League universities.
Manhattan K-12 schools Horace Mann, Collegiate, and Trinity all have yearly tuition that exceeds $50,000. That's more than the yearly tuitions at Cornell, Harvard, and Princeton, which cost less than $50,000 without room and board, reported Suzanne Woolley and Katya Kazakina for Bloomberg.
Hedge-fund managers, celebrities, and tech millionaires send their kids to Avenues: The World School, which costs $56,400 a year, reported Business Insider's Katie Warren.
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How Muh Money Would Need to Be Put Back to Move to Oxford, New York
Source: https://www.businessinsider.com/how-expensive-is-new-york-city-mind-blowing-facts-2019-6
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