Real Estate In The Empire State


In American real estate and business, one place towers above the rest, New York. It is the countries largest municipal and regional economy, and with nearly 2.1 million small business owners it is more than perfectly nicknamed the “Empire” State. Geographically the third largest U.S. State, it boasts an impressive GDP which is equal to the entirety of the GDP from countries such as Spain and South Korea, it is quite easily the largest GDP in all of the United States. The cost of living in the mega-sized city itself is about 30% above the national average, with a median household income of just under $80,000 (roughly $20,000 higher than the national median household income). Nearly 55%, over half, of the entire States income is made up by one fifth of New Yorkers – some of the wealthiest families on the Eastern seaboard. The largest industries in New York include finances, health care, real estate, insurance, and high technology while the State’s main produce are apples and grapes but also include cabbages, cucumbers, green peas, onions, snap beans, squash, sweet corn, and tomatoes.

NYC is home to approximately 10,000,000 people (about half of the population of the entire State) as well as the world’s largest stock market exchanges, the New York Stock Exchange and NASDAQ officially making it the biggest money market on the planet Earth. Aside from being the world largest and premier financial center, it is also the largest center for communications in the U.S. with journalism, publishing, and mass media playing a major role in it’s awesome economy. The total real estate property value of New York City itself adds up to over $1.5 trillion with over 27,000 brokers and agents working in real estate industry and competing with each other for the estimated 10,000 deals that are closed each year.

The average annual income of a NY based real estate agent is right around $2,000 higher than that of the average median household income for the state, ranging from over $100,000 a year to as low as $21,000, while a real estate broker in the State earns from $56,000 to $137,000. Residential real estate currently being sold in New York averages out to just under $350,000, while the wealthiest areas such as Manhattan list at the much higher average of $2,000,000. Prices of office space in Manhattan are nearly $1,500 on average and the area boasts a seriously massive 500 million square feet of it. Current commercial real estate prices average anywhere from barely over $100 per foot to well over $2000, commercial real estate annual sales were over $21 billion in 2016. Renters of office space in other areas of NYC pay as little as somewhere between $22 per foot and $82 per foot, while there is a huge discrepancy in rent for business owners in the New York retail industry, space can be leased for as low as $10 per foot and as extremely high as $4,500.

All in all I believe it is more than safe to say that in American business & real estate, New York is one of the best places to be.

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