The cost of housing and property in New York City is flat out bonkers, with the average sales price for a Manhattan apartment coming in at an all time high of $1.87 million in Q2. And the spectacle of just how expensive the city is doesn't stop there. Data guy Max Galka has created an interactive map of property values by neighborhood and borough throughout New York City, and along with it came some interesting findings. While all 305 square miles of New York City make up only .008 percent of the United States, a whole five percent of the nation's housing value is contained within it. Unsurprisingly, the Upper East Side leads the city's pack of neighborhoods with an average property value per square mile of $131 billion. When the city and its property values are mapped in cartogram form, Manhattan looks like a blood-filled tick.
Galka also found that Manhattan's housing values alone are worth $733 billion. If Manhattan were to be a state, it would be the 14th most valuable state in the country. The Upper East Side alone with its $131 billion average value per square mile would be a more valuable state than New Hampshire, North Dakota, South Dakota, Vermont, Wyoming, and Alaska. It's also more valuable than all of the Bronx and Staten Island. Brooklyn comes in second with a value of $350 billion, placing it squarely in the middle of the states ranks, above Alabama and below South Carolina.
Glaka's methodology used sales prices from 2014 that were vetted against the NYC Department of Finances figures estimating market values for all of the city's real estate. Galka says he segmented the city's properties by type and sales price, then calculated the
average ratio of market value to actual sale price for each group. The resultsthe sad, sad resultsare graphed.
This way for Galka's interactive map.
· A Striking Perspective on New York City Property Values [Metrocosm]
· Upper East Side Homes Worth More Than All the Bronx, Study Says [DNAinfo]
· NYC Makes Up 5 Percent of the Nation's Property Value [6sqft]
· Manhattan Apartments Have Never Been So Expensive [Curbed]