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New York real estate

New York – Demand is Driving the Train

The Big Apple is used to being the center of the universe, but New Yorkers weren’t thrilled about being in the middle of the Great Recession. After all, as the financial capital of America, when people got angry at big banks, they immediately got angry at New York.

Couple that with a state unemployment rate close to 9% at the height of the recession, a housing market that people were calling “soft” (a term New Yorkers absolutely hate!) and you had a recipe for some very depressed people!

So, what’s the deal now?

New York City saw a surge of sales right at the end of 2012 – but that was partially due to tax changes that took effect at the beginning of 2013. Even realtors in New York City admit that many of those sales normally would have been spread out over a few months, had the tax laws not been changing. So, it’s not entirely fair to say that the Big Apple is going to experience a surge throughout 2013.

So, what will this state see?

Expect to see some higher demand for homes for sale in New York simply because more people are getting back to work. According to the December 2012 jobs report, New York’s state unemployment rate is 8.3%, compared to 8.7% in November. In New York City, the rate is slightly higher at 8.8%. However, that’s better than it was in November, when it was 9.2%.

Even before the unemployment numbers were released, realtors in New York were reporting bidding wars. In fact, during the 4th quarter of 2012, apartments in New York spent 7% less time on the market than they did the year before. And, realtors in New York say that 96% of sellers received their full asking price.

Part of that, though, is due to the fact that New York saw its lowest number of homes for sale in over a decade. But as news of successful sales spreads, it will lead to more homes being put up for sale all over New York – which will get the housing gears turning even more.

Until the inventory increases, though, expect to see housing prices continue to go up.

And, this cycle isn’t just limited to New York City. The same story can be told upstate, as well. In Albany, for example, median sales prices increased 5% between November 2011 and November 2012. In Saratoga, the increase was 9%.

So, what if you can’t afford to buy just yet?

If you’re looking for apartments to rent in New York City, be prepared to spend an arm and a leg! Like many other areas of the country, landlords decided to profit from fears over the housing market. Considering how expensive New York rent was before, you can imagine how much apartments cost now! Manhattan hit an all-time rent high in 2012 – with the average apartment costing nearly $3,500 per month.

Living in New York

New York is perfect – as long as you love stunning rivers, lakes, and mountains, and easy access to the most populous city in the U.S.!

Since it’s so large, the Empire State’s climate varies greatly. Winters in Upstate New York can be very cold and long, with below freezing temperatures. Lake effect snow is also a major contributor to western New York snowfall totals. In contrast, New York City and Long Island can experience much warmer, more humid summer months along with cold and damp winters.

Before you head for New York, let’s go over some of its fast facts:

  • What is the population of New York?
  • The population of New York is 19,570,261
  • What is the capital of New York?
  • The capital of New York is Albany
  • What is the largest city in New York?
  • The largest city in New York is New York City

With a population of more than 8 million, New York City makes up more than 40% of the state’s population. Its history is extensive as it is the home of Ellis Island, the Empire State Building, the Statue of Liberty, and the New York Stock Exchange. Other large cities include Albany, Buffalo and Rochester.

If you like the outdoor life, then New York State may be right for you. While the main cities provide an enormous social, economic, and financial base, a large majority of New York is comprised of picturesque farms, rivers, mountains, forests and lakes.

New York is also home to 22 national parks. Niagara Falls, for example, was the first state park in the U.S., established in 1885. The largest state park is Adirondack Park, located in Upstate New York, and it encompasses 6.1 million acres! The Catskill Park, popular with campers and hikers, consists of 700,000 acres and provides a habitat for black bears, minks, fishers and bobcats.

New York State has a rich history which dates back to the 17th century, which can be reflected in its numerous historical museums throughout the state. It is also a magnet to the Arts which can be seen in its countless art and science museums as well as performing arts venues.

With so much to see and do here, it’s easy to see why so many people love New York!

This is the Census data for New York

Population

Total population estimate for New York (July 1) 2012
19,570,261
Total population change for New York- April 1, 2010 to July 1, 2012
1.0%

Age

Percentage of the population that's under 5 years old in New York, 2011
6.0%
Percentage of the population that's under 18 years years old in New York, 2011
22.0%
Percentage of the population that's 65 years and over New York, 2011
13.7%

Gender

Percentage of the population that are females in New York, 2011
51.5%

Race breakdown for New York in percentages

White alone, 2011
71.5%
Black alone, 2011
17.5%
American Indian and Alaska Native alone,2011
1.0%
Asian alone, percent, 2011
7.8%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.2%
Hispanic or Latino Origin, 2011
18.0%
Not Hispanic, White alone, 2011
58.0%

A little more about the residents of New York

Percentage of residents who lived in the same house 1 year ago, 2007-2011
88.5%
Percent of residents who are foreign born 2007-2011
21.8%
Percent speaking a language other than English at home, 2007-2011
29.5%

Education

Percent high school graduates or higher for residents 25 years old and over in New York, 2007-2011
84.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in New York, 2007-2011
32.5%

Veterans

Total number of Veterans living in New York 2007-2011
986,313

Communting

The average travel time to work for workers in New York (16 years and over not working at home), 2007-2011
31.4 mins

Real estate stats in New York

Housing unit estimates, 2011
8,119,364
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
54.8%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
50.5%
Median value of specified owner-occupied housing units, 2007-2011
$301,000.00
Households, 2007-2011
7,215,687
Average household size, 2007-2011
2.59

Income

Per capita income for New York in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$31,796.00
Median household income in New York, 2007-2011
$56,951.00
Percentage of people living in poverty in New York 2007-2011
14.5%

Business and commerce info for New York

Private nonfarm establishments, 2010
519,504
Private nonfarm employment for pay period including March 12, 2010
7,266,189
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-1.2%
Total number of businesses in New York, 2007
1,956,733
Percentage of Black-owned businesses in New York, 2007
10.4%
Percentage of American Indian- and Alaska Native-owned businesses in New York , 2007
0.7%
Percentage of Asian-owned businesses in New York, 2007
10.1%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in New York, 2007
0.1%
Percentage of Hispanic-owned businesses in New York, 2007
9.9%
Percentage of Women-owned businesses in New York, 2007
30.4%

Land size and population

Size of New York in Square Miles, 2010
47,126.40 mi²
Population per square mile in New York, 2010
411.2

New York real estate

Addesleigh Park

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old bethpage

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Other City - Not In The State Of Florida

Out of Area

OutOfArea

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peekskill

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PLEASANT VALLEY

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Port Leyden Vlg

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Purling

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Pyrites

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RIPLEY N.Y.

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S. Floral Park

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Salem Vlg

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Saranac Lake Vlg

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