If you think NYC is expensive....

Lots more room for everywhere to move lower, especially with the net yields on rent scratching the 2% mark for new construction. Remember 2000 when the market was fairly high? buying a place to rent it out back then was a reasonable, if not stellar, investment at about 6%/year.

I never agree with this survey since I have lived outside the US - in one of the European cities listed as more expensive. New York is more expensive hands-down. I think the issue is NYC in this survey includes all boroughs which waters down the overall cost of living.

New York City may be "cheaper", but in terms of housing, property prices are most certainly among the top 5. And, if you include only Manhattan, I would say it's between London and New York as the most expensive property.

salvo - moscow, japan, paris, london -- way more expensive than nyc

Real Estate prices are loftly because our dollar is so cheap. We have foreign investors buying up the new apartments as investments. Bonus pools don't help, but they are a very small percentage to the general population. If the dollar ever gets stronger, which I don't think we expect soon, RE prices could stay high.

#5 even if you read article on moscow, 2 bedroom apt rents for $4000. When is the last time this was typical in manhattan for a proper 2 bedroom?

I am #3 again. Paris is not expensive from a housing/lodging perspective and when I lived abroad, I found that is what really makes the difference since that takes up most of your money.

I lived in Switzerland and while the food and other things were more expensive, I saved so much on the rent that I had a lot of discretionary income. Paris may seem more expensive since there are not comparably paying jobs but I have spent a lot of time in France and the housing is not that expensive. I dont know enough about Japan and Moscow to speak as well to be fair.

#7, There's a lot of 2BR in NYC for $4000 or less when you look at all the boroughs too...I would agree if that is a real number that it's high considering how much new construction is probably there and other factors...who knows what they consider proper in Moscow...Just the other day I was looking at a nice 2 br in East Vilalge where the gal pays $2800. Walk-up and such, but nice place, big living space, great local...no rent control...seek em out...

I am #7. I guess I am saying 2 bedrooms in Manhattan may be $4000 as well - which didn't make me think Moscow housing was more expensive. I am not comparing Moscow to Queens, Bronx, Staten Island. It doesn't make sense.

Please note that there are also a ton of rent stabalized apartments where people live in a two bedroom apartment and pay (sometimes) less than $1000. Those apartments are included in this study. The cost of housing here would also include the NYCHA projects. These all have an effect on the price of housing.

Truthfully this list is a load of crap. There are too many variables to make this an accurate list. Though I have no actual basis for this statement I wouldn't be surprised if though "technically" NY is the 15th most expensive city, in reality it is probably much closer to the top 5.

I agree with #10 that the list is the total bullshit. How do you compare NY to Moscow? Russia is so messed up - you are either an oligarch or poor, there is no middle class. However you can compare NY to London, and it is an absolute truth that the prices in NY are way behind London, which means they can still go up...

I moved from London to NY about 9 months ago. My 2 BR, 1,300 sf flat in Mayfair in London rented for about $11k/month. My 2 BR, 1,300 sf flat in Tribeca rents for $7,200/month. They're both about similar quality.

This mean to me that prices in NYC will just continue despite the groaning of the need for the market to correct itself. No way that will happen given the low rate of available listings.