New York, NY – New research released by FourFourtwo shows that the city has one the highest housing affordability rates in the country, and is also the only place where the median home price has doubled in the last two years.
“It’s a stark contrast from the rest of the country.
It’s a sign of a society that’s still very unequal,” said Peter Gafni, co-founder of FourFour two and CEO of Fitsco.
“When you look at the numbers, it’s hard to make a judgement on what the city is actually doing for people.
But the results are shocking.”
According to FitsCo, the median price of a home in New York is $1.8 million, and has risen by 20% over the last year, from $1 million in 2017.
As of this month, the average sale price for a house in New Jersey was $1,073,400, which is $20,000 more than the national average.
In California, the price of homes for sale is now $1 billion.
The most expensive house in the state, in Santa Clara County, California, has a median price above $3 million, while the average price of the median house in Brooklyn is $2.4 million.
And in Chicago, the highest price in the US is $6.3 million for a home valued at $5.2 million, which translates to a cost of $8,300 per month.
A recent study from the University of Toronto, also released this week, showed that the median annual income in New Zealand is $45,000, which means that people living in the city are paying $20 less than the average income in the rest for their housing.
This is the same situation in New England, where a recent study by the Pew Research Center shows that median annual household income in Connecticut is $43,000.
FourFourtwo is the best-known benchmarking site for real estate.
But it has also recently been criticised for not measuring the real estate market accurately.
According in its latest report, which it called the “State of Real Estate”, FourFour also said that “the market is not in the best of shape, and there is a lack of transparency and openness in the real-estate market”.
FitsCo said it wanted to set the record straight.
“We are committed to making it easier for our clients to compare the real cost of property, whether they are buying or selling,” it said.
“In the future, we will be expanding our data set to incorporate real estate investment trusts (REITs), which allow us to measure real estate transactions and investment in real estate.”
The report comes after the realtors’ union, the American Real Estate Association (ARA), said last month that there was a lack “of data on the true cost of real estate”.