The SoHo Streeteasy Correspondent!
One of my goals is finally accomplished! I am in touch with “outreach” at Streeteasy (the best website ever!) and get to report to my readers about SoHo real estate data!
- SoHo median rent list price data, shows an 18% appreciation rate, from $3299 in January, 2014 to $4000 in January, 2015.
- This stands in contrast to the NYC average appreciation of 2.1%.
- The percent of income spent on rent in SoHo is 47%.
Zillow recently released data about the continued rise in rent prices and the pressure it’s putting on the middle class.
- In New York, rents rose nearly 2.1 percent from January 2014 to January 2015.
- New York renters pay 41.6 percent of their income on rent each month, assuming the median NYC income. Homeowners pay 26.2 percent of their monthly income on mortgages.
- New York permitted just 383 new units for every 1,000 new residents from 2012 to 2013, according to Zillow.
- The Breakeven Horizon shows renters should consider buying in New York if they plan to live there for 3.4 or more years.
The breakeven horizon is a great number. I normally tell friends and family that you should consider buying if you are planning on living in NYC more than 4 years. I was surprised that its actually less, at 3.4 years!
Looking forward to providing more data soon!