Photo: angela n./Flickr
New York’s sky-high property values are common knowledge, but even if you’ve heard a million stories about shoebox-sized condos commanding unfathomable prices, this new series of interactive infographics will still have you reeling.
Max Galka of Metrocosm has crunched the data to compare how New York City’s property values compare to those of the states. Turns out, when it comes to property value, New York City is on par with all of Texas.
Galka said that, “[a]t 305 square miles, New York City makes up only 0.008 percent of the total land area of the U.S.” However, “it contains about 5 percent of the Nation’s property value, $1.5 trillion. Only four states are worth more, one of which is New York State.”
In fact, if Manhattan were a state, it would be the 14th most valuable in the country, with property alone worth about $733 billion. Note that Manhattan measures only about 20 square miles, 7.5 percent of New York City.
Galka was surprised at how even Manhattan neighborhoods had higher property values than entire states. “What I found most striking of all was the value of some Manhattan neighborhoods,” he said.
“The Upper East Side, which occupies less than one square mile, has an astounding $96 billion of housing value. That places it above Staten Island and the Bronx and above six states: New Hampshire, North Dakota, South Dakota, Vermont, Wyoming, and Alaska.”
Have a look at a couple screenshots from Galka’s work below and check out the website for the full interactive experience.