New York City is one of the most expensive places to live in the world, and it got even costlier in 2015.
The median price of an apartment in Manhattan was $1.15 Million in 2014, reported the New York Times.That’s the highest median price of all-time, according to the New York Post, which was set before the 2008 financial crisis. The median cost in 2014 was around $980,000.
The average cost for the fourth quarter was also up, to a staggering $2 million. This was driven largely by the sales of high-end new development.
There’s a number of reasons for the increased price, but it essentially boils down to simple economics — there are way more people looking to buy than there are units available for sale. This is especially true for people who can afford to buy but aren’t able to purchase one of the superluxury units that are being built.