New York is one of the world’s most expensive cities, one where the average cost of rent could easily be a mortgage payment elsewhere—this is a well-known fact. But just how bad is it if you do have aspirations of owning property in NYC? Real estate website PropertyShark breaks it down in its latest analysis.
The website looked at how much square footage one could get in some of the country’s largest cities for the approximate national median home price of apprioximately $200,000.
For its methodology, PropertyShark used its own data to determine the median home size in each city, and 2016 U.S. Census data to determine the median home price. To calculate the median price per square foot, they divided the median home sale price by the median home size in each location and used the rounded amount ($200,000) of the national median home price of $214,000, to determine how much space you can buy in each city.
It won’t surprise you to see that New York City—or, at least, Manhattan and Brooklyn—didn’t fare well based on this analysis. In Cleveland, Ohio, you can snag a nice 3,769-square-foot home for that price; in Manhattan, you can get around 126 square feet of space in Manhattan. This means that the median price per square foot is around $1,585. Brooklyn is only slightly better at 451 square feet.
Of course, you can find better deals throughout the city—the other three boroughs aren’t accounted for, after all—but it’s still pretty sobering. See how other cities stack up and read the full report here.