Digestible Real Estate News
We’re keeping this recurring piece to do a bit more for those genuinely interested in New York real estate, not just food porn, and give my LinkedIn designation a little luster. Taking a note from the easy to absorb nuggets of information in MarketSnacks‘ newsletter (blanketed with this unshakable food theme), here are your RealEstateSnacks so I can make this newsletter tax deductible.
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1. Business insider did a breakdown of how much the average Millennial and Generation Z’er will pay on rent before purchasing a home and…it’s heavy. It shouldn’t come as a surprise to anyone that the today’s young adults are spending more on rent than any generation prior; blame this on a desire to live within city limits and the associated high cost of living that comes with such. Business Insider has reported that Gen Z will spend $226,000 before ever owning a home. However that doesn’t mean they’ll wait longer to purchase – if historical trends hold, the long-term forecast right now suggests that Generation Z is likely to benefit from a stronger job market than millennials.
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2. My Great Grandmother came through Ellis Island in New York at the turn of the 19th century, and in case you’re like me and you find that cool, there’s an awesome site that breaks down where the last 400 years of New Yorkers have immigrated from. Like this graphic is very, very cool. It charts immigration waves over the past 400 years and accounts each nationality’s share of the foreign-born population in the given year. The fabric of this city has evolved countless times in that span of years – due to revolution, war, and societal shifts – however pairing it with influxes of immigrants adds another interesting layer to our story.
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3. Want a fun way to both get moderate exercise, not worry about rouge drivers, and explore a bunch of cool neighborhoods in New York? I can promise #1 and #3 on an appointment (I’m not the best with observing traffic laws) but if you have a few hours or entire day, this is a pretty solid line up of places to explore the city, a new neighborhood, and all are easily accessible via some form of public transportation.
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4. Yes, so it does seem like New Yorkers are always making up new neighborhoods (sorry, Kips Bay will never be Upper Gramercy) – but ever wonder about the lost neighborhoods? Before Chinatown, there was Five Points. Before Central Park South, there was Seneca Village. Before Lincoln Center, there was San Juan Hill. Before Financial District, there was Radio Row. Like they say, you have to know the past to understand the present…
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5. You think your apartment is bad? This author found herself looking at a $500 Chinatown studio doubled as a gambling den. On Mott Street, between Grand and Hester, the author went to preview an apartment where the walls were hanging on by sheets of plaster, the tub was in the middle of the kitchen, electrical wires were everywhere and a hand-made bunk bed was screwed to the wall. And no lease. Best part? The landlady made her income by turning the studio into a secret gambling den every night. She even offered to put up a wall if it got noisy. Contact me if interested.