One factor that has a huge effect a country’s economy
and the standard of living of individuals within it is wealth. This has become
evident among New Yorkers, whose level of wealth has grown to the point of
affecting the price of real estate market in Manhattan. In the past, high
prices of real estate were attributed to foreign investors. More recently
however, New Yorkers, with an average yearly income of one million dollars,
have really started to impact the city’s real estate market. So while foreign
investors are curtailing investment in NYC real estate because of the global
economic crisis, New York City residents are stepping up to fill the void.
Data collected from tax payments reveal that the number
of New York residents earning a million dollar or more per year has risen
significantly since 2012. Not only has the number increased, it is far greater
than the income of residents of neighboring cities. In fact, New York City is home
to more than half of the millionaires in the state, which is even more
impressive given that New York State is ranked second among US states with 12
percent of the entire country’s millionaires. Only California has a greater
share at 15 percent of these earners.
One effect of this increase in the wealth of city
residents has been a tremendous boost to the local economy, increasing
transactions for both services and products. Another effect has been the push
it has given the prices of median condos, which are now at record levels.
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