Tags: Housing | New York City | San Francisco | Home Owners

Five Facts About Housing That Will Make People In New York City and San Francisco Depressed

Thursday, 12 Feb 2015 12:37 PM

If  you live in New York or San Francisco, you should spend some time mining the latest crop of home price data — starting with the Standard & Poor’s Case-Shiller indices.

Then, pull out your last rent check. It might be enough to make you move.

Here are a few things to get you thinking: 

1. What you pay for parking in New York can buy a cheap home in Chicago

The cheapest tier of homes in the Windy City were valued at less than $170,368 in November, the Case-Shiller tiered-price indices show (there are three tiers: low, middle and high). That compares to the $136,052 average price tag for parking space in New York last year, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel and a Bloomberg View contributor. 

2. You can live large, or you can live cheap

Looking to join the property elite? In Washington, you can do so for $500,862, while in San Francisco that won't even get you a foot in the door, Case-Shiller data show. If you want to mix with the tech aristocracy in the priciest third of homes, you’ll need more than $860,410.

3. No matter how you slice it, you're paying more

In big cities many people live in apartments as opposed to single-family homes, so Case-Shiller also breaks those prices down. But any way you look at it, property price growth in New York is unstoppable. LA and San Francisco are coming up fast too. Again, if you're looking for a bargain in one of the major U.S. cities, your best bet is Chicago. 

4.  Want to be a homeowner? Dream on

New York and San Francisco lead the charge of cities where only the rich can afford to buy homes. 

5. And now that we've established you can only afford to rent, here's more bad news

Landlords in San Francisco are raising rents by 12 percent and in New York, 9 percent. Time to find a roommate.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
InvestingAnalysis
If you live in New York or San Francisco, you should spend some time mining the latest crop of home price data — starting with the Standard & Poor’s Case-Shiller indices. Then, pull out your last rent check. It might be enough to make you move.
Housing, New York City, San Francisco, Home Owners
332
2015-37-12
Thursday, 12 Feb 2015 12:37 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved