The city of New York has become the second most expensive metropolitan area for homeownership in the United States in the third quarter, according to data released Thursday by the U.S. Center for Housing Policy.
With a median housing sales price of 450,000 U.S. dollars, New York comes second only to San Francisco, where the median sales price was 585,000 U.S. dollars. The survey also found that a homebuyer would need to earn roughly 130,000 U.S. dollars to purchase a home in the Big Apple.
The database tracked wage information for 74 occupations and costs of housing, both owned and rented, in more than 200 metropolitan areas. The data revealed that fair market rent for a two-bedroom unit in New York City was 1,403 U.S. dollars a month, versus 1,833 U.S. dollars in San Francisco. In order to afford to rent a one-bedroom apartment in the city, an individual would need to earn an annual salary of 50,440 U.S. dollars, and for a two- bedroom, 56,120 U.S. dollars.