Eyeing up the Big Apple? Think you’d fancy owning a home there? As a little bit of encouragement, we’ve come up with ten reasons you will love buying a property there.
To New York!
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1. Culture, culture and more culture
Frequently cited as one of the cultural capitals of the world, even after you’ve ticked off the list of the top ten things to do (Empire State building, the Met, Times Square), the list of things will still be endless.
2. Gorgeous green spaces
Your new favourite place for a picnic?
Greenspaces in the city that never sleeps provide an oasis from the bustle of it all. In total, New York has 2,000 acres of natural spaces, which remove 1,300 pollutants from the atmosphere. While our television screens have all made us familiar with the winding trails and streams of Central Park, there are 1,7000 parks to choose from in the city’s five boroughs.
3. The city that never sleeps…will you?
The nicknames that stick are often the ones that have a grain of truth in them. And in the case of New York, “the city that never sleeps” has stuck for a reason from the latest Broadway shows to laughing until you fall of your chair at comedy shows and just getting together with a friend or two at a quirky bar, New York has amazing nightlife on offer.
4. A highly sought-after property market
Your new abode?
Even with the swings in the property market, New York’s solidified status as one of the most dynamic cities in the world means that, when it’s time to sell, your home is sure to have attention. According to Realtor, the median price listing for a property in December 2023 was $799,000 – up 5.3% year over year. Tribeca is the most expensive neighbourhood, where the median house sale price is $4.9 million. By contrast, the most affordable property can be found in Rego Park, with the median house listing price at $359,000.
5. Fantastic opportunity for rentals
According to Zillow, the median monthly rent is $3,400, which is $1,400 more than the national median. There are no restrictions to prohibit foreign buyers from renting out a property in New York. If you rent out a home, you will have to report your earnings to the Internal Revenue Service. The tax rate is dependent on whether it is considered effectively connected income that is associated with a US business or trade. Or, if it is seen as passive income, which is typically taxed at a rate of 30% of a rental property’s gross income.
6. The US’s most pedestrian friendly city
If you are a European buyer, one daunting aspect of moving to the US might be having to get in your car to go anywhere. According to CNTraveller, New York is the most walkable city in the United States, followed by Boston, Washington DC, Seattle, Portland and San Francisco. Plus, if you need to go further than your feet can take you, it has a comprehensive public transport system of buses, metros and of course, the famous yellow cabs.
7. Defined seasons
While many international property buyers head to Florida for the year-round sunshine, you might be someone who likes the idea of bathing in Central Park during August and nursing a hot chocolate in a cute café in February. Heavy snowfall is not unusual from December to March, January is the coldest month, seeing highs of just 4°C. But by May, the city quickly heats up, with highs of 21.4°C and up to nine hours of sunshine a day.
8. Be connected to the US and beyond
Some US cities have a complicated route to outside of America, but that is not the case with New York. John F. Kennedy is a brilliant hubbub of international travel. It has 189 non-stop destinations in 79 countries and 36 US states. The shortest journey time to London is just under seven hours. Plus, New York is one of the few US cities with direct flights to Lisbon, Porto and Madeira.
9. Superb job opportunities
Following California and Texas, New York has the third largest GDP in the US. If the New York metropolitan area were its own country, it would have the tenth largest economy in the world. Naturally, the financial services of Wall Street are a huge contributor. But these industries are also huge: healthcare, retail, manufacturing and education.
10. A welcoming place for retirees
Rated the sixth best US city for retirement.
US News recently ranked ‘The Best Places to Retire in 2024’, while New York did not take the top spot, it did come in at number 6. They cited the high level of healthcare as a major motivator: if you want to see a specialist, it’ll be straightforward. Plus, with its choice of museums, Broadway shows, dining experiences and green spaces, a retirement in New York is a chance to do all those things that you wanted to do when you were working but never had the time to.
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