Thank Pizza Rat NYC's minimum wage is going up soon, because we need every dollar we can get—the average price of a Manhattan home just crossed the $2 million line for the first time ever, DNAinfo reports. Primo island real estate costs a record $2.05 million, up a whopping 18% in a single year. A SINGLE YEAR.
Fancy new developments, which cost $3.9 million on average, have really driven up prices, so if your last name isn't Trump or Bloomberg, think of living elsewhere. Oh and prices are likely to keep rising for the next couple years. Most buyers are looking deeper into Brooklyn, like gorgeous Ditmas Park, Long Island City, or the Upper East Side. Frederick Peters, president of Warburg Realty, told DNAinfo. "A co-op in need of renovation east of Third Avenue on Manhattan’s Upper East Side offers more bang for the buck than a similarly sized condo in the East Village, on the Lower East Side, or in most neighborhoods in brownstone Brooklyn," Peters wrote in his quarterly report. Good to know—for the 1%.
Check out our list of the best NYC apartment and real estate apps, and good luck out there.