Commercial and Residential Rents High; Wealth and Poverty Rates Extreme
Posted: Mar 13, 2013 | 8:37 PM
by Jared Goldstein
According to Wall Street Journal, commercial rents on 5th Ave between Rock Center and Central Park South are $3000 per square foot (per .1 meter square) per month, the highest in the USA (world?).
According to the NYTimes, Times Square Commercial Real Estate is renting for $2000 per sq foot / month.
On the residential end, NYC is 8th among per square foot costs of luxury apartments at $2000.
New York is home to the world’s largest population — 7,500 — of people with more than $30 million in assets. Of the 432 billionaires in the United States, 102 are New Yorkers.
About 100,000 New Yorkers are homeless, or near homeless (spent a night in the shelters in the past year), 40,000 of whom are children. This is 7% of the US homeless population. NYC is about 3% of the US population.
The NYC poverty rate is 21%, or 1.7 million New Yorkers. Poverty is a national figure, so for a single person that is $11,000 a year, and for a family of four, that is $24,000. NYC is one of America's most expensive cities, so the poverty rate is actually higher.
The median NYC income is $50,000.
The median apartment cost is around $750,000.
The average Manhattan rent is $3,500 per month. The over-all vacancy rate is less than 2%. The affordable housing vacancy rate is much less.