High Demand, Low Supply

A massive population, all scrunched in

With 8.1 million residents in the five boroughs, and 19 million in the larger metropolitan area, NYC is the largest city in the country, by far. Then there's the Island thing: unlike, say, Atlanta or Las Vegas, New York's boundaries are mostly determined by water.

Home Ownership: New York vs. USA

A real magnet

It's been forty years since New York was considered a scary place to live, and in the last fifteen years, it's become a real magnet. For many, New York is more than a place to live and work. It's a work of art, a monument of history, a love affair, the be all and end all - a place unlike any other.

% of NYC residents who rent

More renters than owners

New York City really *isn't* like the rest of America: 69 percent of us are renters, 31 percent own their own homes. In the rest of the country, it's the reverse.

A ridiculously low vacancy rate

NYC's vacancy rate (the percent of available apartments) was around 3 percent in 2011, and rarely rises above 5 percent. So when you're on the hunt, there just are not a lot of apartments to choose from.

FIG 5.1: Rentals by Borough