New York is not only home to some of the most expensive homes in the country, it also boasts the most unaffordable prices in the nation.
The average sale price of a New Yorker’s first-home in 2016 was $1.8 million, according to a new analysis from Zillow, a real estate information company.
But that number is $1 million more than the $904,000 median house price in Los Angeles, $854,000 in San Francisco and $700,000 the median house in Los Angles, according the report.
“This is a huge issue because people don’t realize that the cost of buying a home is much higher than the cost they are paying for a car or an apartment,” Zillows chief economist Michael Sivak said in a statement.
“For a lot of people who don’t own homes, it is a big issue.
And for a lot, it’s a big part of their budget.”
Sivkis research found that a single family home in the city costs about $732,000 to buy, and a three-bedroom in Manhattan averages $1,095,000.
A three-person household can average $3,845,000, Sivks research found.
That’s not counting the price of the mortgage on a home in New York or the cost to pay for the monthly mortgage payments.
The median household income in New Jersey is $55,200.
Median house price is $839,000 In contrast, the median price of homes in Los Alamos, New Mexico, is $3.7 million, while a three bedroom in Long Beach, California, is just under $1 billion.
New York has one of the nation’s highest median home prices, at $721,000 for a single-family home in Manhattan, according Zillovos research.
“In the same way that a car is not cheap, a home has to be cheap,” Sivkovs said.
“It has to look good, be nice and be functional.
The more functional you have the better.”
The study also looked at the median monthly mortgage payment for a person to purchase a house in New Yorkers, compared to a typical household in New England.
The study found that the average monthly payment for New Yorkers is $4,816.
For a three person household in the U.S., the average mortgage payment is $2,926.
For the median household in California, the average is $5,908.
For New Yorkers in the Bay Area, the monthly payment is about $2.7 Million.
For an average household in Connecticut, the payment is just $3 Million.
“If we compare the prices of two families that live in the same neighborhood, the costs are very similar,” Sovkovs told ABC News.
“The cost of the house is much more expensive than the value of the home.”
The report did not take into account a number of factors, such as where a home was purchased, the type of home it is, or how long it has been vacant.
The report does note that home prices are still relatively high in New Orleans, where the median home price was $5.4 million last year.
But it also said that the home was not being sold in the area for a long time.
For those who live in New Mexico’s desert, the report noted, home prices have been rising for years.
The San Luis Obispo, California-based real estate site Zillower found that median home values in the state rose from $1 to $1 1 million over the last five years.