With a population of around 21 million, New York City has a big appetite for new real estate.
But it has a long way to go to compete with the likes of San Francisco, Los Angeles, and San Diego.
According to a recent report from real estate company Quantitative Insights, New Yorkers’ real estate market in 2017 is projected to be worth around $3.8 trillion, a record for the U.S. The average price per square foot is currently $1,914, up 10% from the $1.1 million average for 2016.
That is about a quarter of what it was in 2015, according to the report.
However, the average price of homes in New York has been dropping steadily in recent years.
According to the Real Estate Board of New York, the median price per unit dropped by 5% from 2016 to 2017.
“As a result, a typical property is now worth about $2,600 more than it was three years ago,” the report said.
“This is a huge boon for property owners and investors who can expect to reap substantial returns as the value of their property rises.”
For renters, the report also revealed that rents are rising rapidly across the country.
In New York state, rents have increased by 7.4% over the past three years.
For homeowners, the number of households earning between $50,000 and $75,000 rose by about 2% over this same period.
For the most part, though, housing prices have been climbing.
As of August, median prices for single-family homes were $944,000, up from $876,000 in 2015.
For two-family houses, the market was $1 million higher, at $1-3 million.
At the same time, median rents for three-bedroom homes are up by 4.4%.
However, the increase for four-bedroom apartments has slowed to 4.1%.
According the report, the trend is not stopping.
According the latest Real Estate Outlook Survey, the share of New Yorkers who live in rentals will reach 29.4%, a 7.7 percentage point increase from last year.
The percentage of renters who live alone is also forecast to grow from 29.1% to 33.3%.
The New York metro area is home to some of the country’s highest rents.
According on the report the median rent for a one-bedroom apartment in Manhattan was $2.1, which is more than double the average rent for the metro area.
In Queens, it was $737, which was only $25 cheaper than the average rental in the metro.
In Brooklyn, it is $1 1,079, which would be almost 40% cheaper than it is in New Jersey.
In New York’s Brooklyn neighborhood, the rents for two-bedroom units were $1 2,827, which again was more than 50% cheaper that the average in the borough.
The price of one-bedrooms in Manhattan increased from $1 753 to $1 9,831, a 16.2% increase.
The average rent in Brooklyn is currently around $1 a square foot.
The median rent in the Bronx is currently about $1 4,856, a 20.4 percent increase from 2016.
While rents continue to rise, many homeowners in New Orleans are finding the market is competitive.
According a recent survey from realtor website Zillow, only 29.6% of the homes on the market in the Louisiana city are owned by owners.
A similar survey from the National Association of Realtors shows that about 40% of all homes in the U-shaped New Orleans metro area are owned.
In the metro, it’s estimated that only 23.2 percent of homes are owned, a 7 percentage point drop from 2016 and 17 percentage points higher than the metro average.
Although the report doesn’t provide a specific percentage, it shows that the median income in the city is $62,890, well above the median for the state of Texas.
This is according to Zillows figures, which also show that rents in New England are on the rise.
The median rent is now $1 3,852, which the average across the United States is $2 4,400.