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<p><a href=“http://quickfacts.census.gov/qfd/states/36/3651000.html”>http://quickfacts.census.gov/qfd/states/36/3651000.html</a> indicates that, even in New York city, the median household income is $51,865, compared to $57,863 in New York state and $53,046 in the US.</p>
<p>Even in Dallas, if you were to open the real estate section on a Sunday morning, the majority of the listings with photos are north of 1 million dollars, in spite of the fact that most homes outside of several pricey neighborhoods are selling for way, way below that. </p>
<p>I enjoy comparing real estate prices from around the country (and world). I love the feature in the NYT which shows what a given amount will buy in various cities in the country. Living in Texas, I continue to be shocked on shows like House Hunters where folks in California are paying $750,000 for a little fixer upper in their not-first- choice neighborhood. Understanding housing costs is important if you want to understand local economies, culture, etc.</p>
<p>For me, the original article wasn’t about the housing costs, as we have tiny condos in my neighborhood that go for 1/2 million dollars, but attitude that they couldnt deign to live in anything that wasnt head & shoulders above where others in the same neighborhood were living.</p>
<p>EK, perhaps true, but I tend to be fascinated by other people’s choices (esp. one like that). When my D was a HS cheerleader, there was one girl whose family always had a large outstanding balance for the things that cost money (uniforms, competition fees, etc.) It turns out the family was so impoverished because they were living in a house that literally cost over 10 times the value of my house, and if they didn’t sell it soon, they were going to have to file personal bankruptcy. It’s interesting to ponder the housing decisions that people (who have a choice in housing) make.</p>
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emeraldkity4 - How did you come to that conclusion? I really believe you are reading into something that isn’t there. Feel free to quote from the article to substantiate that attitude. Over and over again, you have showed disdain through various posts for people who live a different live style than you do. Why? As long as you as happy with your life, why would it matter how other people live theirs. </p>
<p>For a lot of people, real estate is more than where they live, it is an investment and a way to build wealth. My father retired making less than 70K a year. Over the years, he bought his first home for 45K, then another for 180K, and finally bought a home for 750K, and now it is worth over 1.5 mill (100% paid for). He enjoyed his homes, but he also built a very nice nest egg for my mother. It is exactly what this young family did. They bought a 2 bedroom in Battery Park (probably nothing fancy), made a good profit, took the profit and bought the next home for 1.7 mill. The value doubled over few years to 3.5 mill, and they rolled the profit over to their next home. I say they are very prudent investors. I wish my asset manager could do as well.</p>
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<p>Interesting. Somewhat related, NYC didn’t make the top 10 in the nation for the number of millionaires per capita.</p>
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<p>I got that impression, too. Maybe because they were throwing around big numbers or because they were living with in-laws for a few years looking for a house, or general tone? Who knows?</p>
<p>I might be living under a rock but I definitely didn’t get that “better than everyone else” vibe from the family. </p>
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<p>Amen. </p>
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They didn’t throw around big numbers to impress people, it was their reality. The profit they got from each real estate investment they were putting it back into their next investment. Where in the article did it say they were living with their in-laws? They were renting while they were doing their search. It took me a year to buy my apartment. I was out bided so many times I lost count. </p>
<p>Going back to the relative cost of living point, it is interesting to look at the federal government’s locality pay schedules (i.e the amount of extra pay that federal employees get in certain locations). LA is 27.16% of base salary, Houston is 28.71%, NYC is 28.72%, and SF/San Jose/ Oakland is 35.15%. So the fed govt has concluded that the Bay Area is far and away the most expensive place to live. Interestingly, Hawaii, which is known for its high cost of living, is only 16.51%. (There are something like 35 different categories, including “rest of the US” (ie parts of US not included in one of the other categories), which gets a 14.16% boost.)</p>
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<p>I didn’t get this, either. Seems that the properties they wanted were right in the pocket in the neighborhood, and moreover they were outbid several times.</p>
<p>No matter what your budget it (unless it’s many millions of dollars), it’s very hard to find a good place in Manhattan. 17 years ago, we looked for a short time at city apartments, in an unfashionable area on the far east side. Our budget was $600k and we were looking at 2 bedroom places. At that level, everything we looked at had a serious problem – no light, rooms without windows, bizarre floor plans, very noisy street. I’m not even talking about the lack of things that most people take for granted - garbage disposals, washing machines. Most places don’t have those. It is not unusual to look for years. We quickly bought a lovely house in the suburbs for much less than that. There is a particular shortage in Manhattan in the 3-4 bedroom category. So I’m not surprised that they looked for so long. The fact that their new home burned down just before they were to move in was a particularly bad piece of luck. I didn’t get the impression at all that they were looking for something out of line with other places in the neighborhood. They were looking for certain things, as we all do when we are buying a home. </p>
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<p>That agrees with the list of millionaires per capita I saw the other day. NYC didn’t make it in the top 10. SF was the 10th and quite a few California cities were in the list.</p>
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I’ll bet NYC would do better if it were per square mile rather than per capita.</p>
<p>The NYT article is the reality there. And its awful that their house burnt down just before completion. That truly makes me sad. Why would someone mock this scenario, other than as sour grapes?</p>
<p>“For me, the original article wasn’t about the housing costs, as we have tiny condos in my neighborhood that go for 1/2 million dollars, but attitude that they couldnt deign to live in anything that wasnt head & shoulders above where others in the same neighborhood were living.”</p>
<p>What line or lines in the article support your contention that this family “couldn’t deign to live in anything that wasn’t head and shoulders above”?</p>
<p>You know, if I have a budget of $X that I’m intending to spend on something, whether it’s house, car, vacation, whatever, that doesn’t automatically mean I think I’m “above” buying the cheaper thing, I just may not want to, that’s all. There’s nothing to suggest these people can’t afford their price range. </p>
<p>Why did I read that article?</p>
<p>I was expecting a twist or something interesting. </p>
<p>It was about a family who bought a condo? </p>
<p>This is news to the New York Times? That some family bought a condo? </p>
<p>What is this? </p>
<p>Oh please. Our real estate section has an article EVERY week about some celebrity who is selling their multi million dollar home, and purchasing another. I find these fun to read. </p>
<p>There is that old saying “don’t count other people’s money”. I think this applies here.</p>
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<p>It might be interesting because they’re a celebrity or it’s a particularly opulent home. Who are these people? Who cares about their stupid $4M condo? </p>
<p>It’s a regular section in the NYT, that’s all. Just like any other human interest story, </p>