New York City, is the most heavily populated city in America. The population weighs in at an estimated 8,622,698, all located within 302.6 square miles. It is densely populated due to the large concentration of apartment buildings located within the city. New York rests at the southern point of New York. New York is recognized as a world capital of media, finance, and culture. The city’s strong points are tourism and education. New York is also a hub of international diplomacy as it houses the United Nations and has a diverse population.

Demographics

Being the largest city in the United States of America, New York is also a heavily diverse city. The city is broken up into five boroughs with as many as 800 languages being spoken throughout it, though the official language is English. New York’s population is comprised of 44.6% white, 25.1% black, and 11.8% of Asian descent, with Hispanics representing around 27.5% of the population. The religious affiliations of New York are spread amongst a population of 33.43% Catholics, and 3.15% Christians with the remainder being Islamic, Jewish and other religions.

Housing Costs

  • Cost per square foot to buy in New York city center: US $1,292.18
  • Cost per square foot to buy outside city center: US $599.68
  • Monthly rent 1 bedroom in New York city center: US $3,158.02
  • Monthly rent 1 bedroom outside city center: US $1,923.75

Quality of Living Index

According to the Mercer Quality of Living index, New York, New York is ranked 45th in the world for best cities to live in.

Corruption Index

The United States is ranked 16th by the Transparency International Corruption Perception Index. The higher the rank, the less corrupt the country.

Cost Of Living

  • Cost of living per month for single person without rent: US $1,250.88
  • Cost of living per month for four-person family without rent: US $4,619.54
  • Minimum wage in New York City ranges from $13.50-15.00 dependent on location

Top 5 Things to Do

  1. Statue of Liberty
  2. Central Park
  3. Empire State Building
  4. Times Square
  5. Metropolitan Museum of Art

Top Neighborhoods

  1. Hell’s Kitchen
  2. Battery Park City
  3. Chelsea

Education

Education is a strong factor within New York as New York State has been seen as the state which spends the most per student. With more than 1,700 public schools and a large number of private institutions, there are many educational opportunities. There are approximately 900 private schools serving different religious denominations. The competition surrounding private schools is more competitive than in other parts of the United States. The schools follow the general curriculum for any school operating within the United States.

Healthcare

The healthcare programs in New York are overall cheaper than throughout the US. A majority of the populace is insured through employers, Medicaid, Medicare, private and public insurers. With only around 9% being uninsured. There are a large number of healthcare facilities in New York some being private and other public with a fair amount of medical practitioners, the only issue is the cost for personal healthcare. Though the cost is high there is a general satisfaction overall of those receiving care.

Natural Resources

New York’s most important natural resources are its fertile soil, mineral varieties, and abundant water supplies. Talc, lead, salt, gypsum and zinc can be found throughout New York. In the Western regions of New York, there are abundant amounts of petroleum and natural gas. Construction materials such as clay, sand, gravel, and stone are also found in the state. Other valuable construction materials found throughout the state are granite, limestone, and sandstone. New York’s water supply aid not only homes and factories but also the hydroelectric industry.

Crime Rates

According to Numbeo, New York City has a crime index of 44.49 and a safety index of 55.51 meaning it has a moderate crime rate. The property crime rate is 51.40 which is also moderate.

Major Industries

New York is manufacturing state producing anything from pharmaceuticals to computer chips. One of its leading industries is the chemical industry which develops anything from soap to fertilizer. The second major industry in New York is machine manufacturing. According to Netstate, New York also develops computer components, microchips, communications equipment, surveillance, and navigation equipment. Agriculturally speaking cows play a large role in New York’s economy as it leads in the production of dairy and beef. New York City hosts the New York Stock Exchange and many other financial institutions, insurance and real estate companies. A major portion of New York’s major industries are made up of services such as business, healthcare, accounting, management, and entertainment companies. Law firms and advertising agencies are also a driving force in New York’s economy.

Real Estate Investment

New York City comes with the fantasy of a luxury city life, which for real estate investors is a genuine opportunity as the prospects for many areas of New York City appear to be upward trending. In the luxury housing sector, there have been positive increases in the strength of the market. With New York City recovering from the recession and gradually rebuilding its real estate market investors are seeing decreased times that homes spend time on the market and increased returns with low-interest rates for buyers encourages further purchases now is the time to invest.

Cap Rate 0% 7% $/SQFT - Residential US$ 0 US$ 2,169.00
   
  • $/SQFT: 1,640.00 Cap Rate: 2.5 Population: 40,273.60 Income: 92,028.00
    Chelsea
  • $/SQFT: 1,546.00 Cap Rate: 5.5 Population: 104,983.50 Income: 105,207.00
    Lower East Side
  • $/SQFT: 1,556.00 Cap Rate: 4.3 Population: 108,119.40 Income: 105,990.00
    Upper West Side
  • $/SQFT: 1,807.00 Cap Rate: 3.2 Population: 60,902.30 Income: 101,789.00
    Greenwich Village
View from Greenwich village, near Union Square

Union Square: Manhattan’s Place to Meet

Union Square is a National Historic Landmark and for good reason. The area has seen numerous political protests dating back to the civil war. Many people meet here weekly or even daily, enjoying the open air and history of New York. Join International Real Estate . News Media Influencer Zachary Scott to find out why this area is the place to meet.

View of the Hudson Yards, photo provided by: Shinya Suzuki.

A City Within A City

This redevelopment project has been in the works for years. Taking the cooperation of the New York City, New York State and Metropolitan Transportation Authority, this large-scale project is set to expand Midtown Manhattan’s business district. Join Real Estate Media Influencer Wen Hsu on a walk through the Hudson Yards.