According to the Real Estate Board of New York, a $1.7 million home in the city costs between $7,000 and $8,500 per month.
That’s a little more than $2,000 a month for utilities and a little over $1,000 per month for all other expenses.
So it could be more affordable than buying a $5 million home, but it still wouldn’t be cheap enough for most people.
For example, a 1,600-square-foot house with a 5,500-square foot backyard in Manhattan could cost $2.2 million a month.
And a two-bedroom apartment in Brooklyn would cost $3.2 to $4.3 million a year, according to the real estate board.
So, the $7.4 million home listed for sale on New York’s real estate site Trulia in April is far from cheap.
However, it’s not far off the mark.
The median price of a home in Manhattan is $1 million.
A one-bedroom unit in Brooklyn is $800,000.
And for someone with a modest income, a two bedroom home in New York could be about $834,000, according the real-estate website Trulia.
How Much Does An Apartment In A New Yorker’s Neighborhood Cost?
For a one-room apartment in a Manhattan neighborhood, the median price is $744,000 according to Trulia, which would put it at about $1 per square foot.
For an apartment in an area of Brooklyn, it would be about four times that much.
For a two bathroom apartment in Manhattan, it is about four and a half times that amount.
For the average Manhattan household, a one bedroom in Manhattan costs $1 in the Bronx, $2 in Brooklyn and $3 in Manhattan.
For someone with an income of $80,000 in Manhattan the average one-bedroom apartment would cost about $2 million.
Is It Worth It To Buy?
While it’s hard to say, it seems that many people who own property in New Yorker neighborhoods are thinking about buying.
That might mean they are buying in the hope of getting a great deal or they might be hoping to buy a home that they have already purchased in a neighborhood that is already in the market.
That could be why they are considering the sale.
But the reality is, the prices listed on Trulia are probably too high and are only a snapshot.
Trulia’s real-world median home values are based on the prices of all homes in the area, which could be higher or lower than the actual homes.
So even if you are interested in buying a home, you should check out the actual houses listed on the site first.
Sources: Real-world home prices by Trulia and The Wall Street Journal.