Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.
Per square foot, real estate in Manhattan is the most expensive in the United States, with the average property in the borough eclipsing all other locals. Based on that metric, some city properties even top $10,000, according to a report published Thursday by real estate and data analytics firm NeighborhoodX.
That beats San Francisco — widely viewed as one of the frothiest housing markets in the country — by a mile, the data revealed. In fact, real estate in New York City's central borough is more than twice as expensive as any other city in the US when measured on a per square foot basis, the report shows.
Manhattan real estate is an average of $1,773 per square foot, according to NeighborhoodX. The next most expensive area on a per square foot basis is San Francisco, which averages $902 per square foot. That's followed by Boston at $586 per square foot, Washington D.C. at $515 and Miami Beach at $504.
Of particular note, the most expensive property in Manhattan is $10,054 per square foot, with just a handful of ritzy units commanding that astronomical sum, the report said.
Chart courtesy NeighborhoodX
While Manhattan has the most expensive property per square foot, it also has a wide range in prices: In the more northern parts of Manhattan, real estate prices drop significantly. In the Inwood neighborhood of Manhattan, for example, prices average a much more reasonable $447 per square foot.
A city like Portland, Oregon, by contrast, does not have nearly the same range in square foot prices, where prices can swing from $98 per square foot on the low end, to $1,053 at the upper level. That's a range of less than $1,000 per square foot, compared to the more than $9,500 price range per square foot in Manhattan.
For the report, NeighborhoodX used data from asking prices of market-rate properties currently listed for sale, but does not include outliers such as foreclosures, short-sales and income and age restricted housing.
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