For the Price of One Soho Apartment, You Can Buy 38 Homes in Memphis
We learned last week that the average sales price in Manhattan has skyrocketed to $1.8 million, and while this figure is definitely newsworthy, it’s even more shocking when we look at the average price of an apartment in certain neighborhoods. Take tourist-friendly Soho, for example, where it costs an average of almost $3 million ($2,912,792 to be exact) for a residence. Many New Yorkers may be unfazed by this number–it seems that every day now we’re being presented with seven-digit statistics. So the folks over at CityLab, decided to put it in perspective, mapping how many homes in cities across the country that $3 million price tag can buy.
As CityLab describes, “It’s a familiar pattern. The areas where housing is least expensive are in the Midwest and South, while those where homes cost the most are on the West Coast, in the prosperous sections of Colorado, and along the Boston-Washington corridor.” As far as large cities, Southern and Rustbelt locations top the list of where you can buy the most homes for the price of one Soho apartment. The number one spot goes to Memphis, where you can get 38 homes for $3 million.
When broken down by zip code, the results are even more shocking. In part of Detroit, the Soho price translates to 70 houses, and in an area of Youngstown, Ohio, one could get 115 houses. Even when we look at more affluent areas, the Manhattan neighborhood is still at a much higher price point. The price of a Soho apartment equals 9.4 homes in Washington, D.C., 8.9 in Boston, and 4.7 in San Francisco.
[Via CityLab]
Maps via Martin Property Institute
RELATED:
