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New York City is the U.S.’s largest and most populous city and is in the south-east corner of New York State.
The city covers an area of 302.6 square miles and has a total population of over 8,500,000.
The New York metropolitan area is the largest in the world by landmass and has a population of more than 20 million.
The city makes significant contributions in all fields of human endeavor, from commerce and technology to art, fashion and sports.
Known as The Big Apple, it will familiar to many outside the U.S. from the numerous films and television series set here.
New York City has the largest foreign-born population of any city in the world, and it is thought that around 800 languages are currently spoken here, which would also make it the world’s most linguistically diverse city.
It is known as a city of renters, and around two-thirds of New York City’s dwelling units are renter-occupied, which is more than twice the national average.
Due to its huge population from a wide range of different lands, New York has a very diverse and vibrant culture. Many young New Yorkers like to dress up and stay up late. Due to the big part theater plays in the city’s life, there are many people here in the theatrical profession here, adding something interesting to the mix. The city is also very famous for art, and bohemian communities of aspiring artists exist in places like Red Hook, Washington Heights, and East Harlem.
Sport is a big deal in New York City. The Mets and the Yankees are its legendary baseball teams, while the Knicks and the Giants compete in major league basketball and football respectively.
Entertainment and Tourism
New York City’s many indoor attractions include the Metropolitan Museum of Art, the American Museum of Natural History, and the Whitney Museum of American Art. The Rockefeller Center in Midtown Manhattan offers a fascinating look at some of the city’s greatest treasures. The Brooklyn Bridge is a landmark—completed in 1883, it was the first steel-wire suspension bridge in the world. The iconic Statue of Liberty can be visited on guided tours.
Broadway in Manhattan is world-famous for its theaters, for example the Gershwin, the New Amsterdam, the Minskoff, and the St. James. And then there are smaller venues ‘Off-Broadway’ which offer a roster of shows which are never less than interesting. For those wanting to dance the night away, there are Manhattan’s legendary nightclubs.
Neighborhoods
New York City has an enormous number of neighborhoods. These are spread out across the city’s five boroughs: Manhattan, Brooklyn, the Bronx, Queens, and Staten Island.
Manhattan
Manhattan has a high cost of living, and most residents also work in the borough. It is home to many young professionals but also older people whose families have been here for generations. It is the most densely populated borough. With its high profile and its contribution in the arts, it could be considered the United States’ cultural capital, not to mention also its economic one.
This borough is the most populous of the five, and one of the most expensive places to live in the U.S. There are plenty of museums, parks, and much more besides to make Brooklyn a great place to visit. The area is populated to a large extent by old-school born-and-bred New Yorkers, and it has the one of the largest African-American populations in the U.S.
Queens is one of the world’s most ethnically diverse urban areas: In 2014, no fewer than 48% of its residents were born abroad. This borough hosts both JFK and LaGuardia airports, and it is also home to the New York Mets baseball team and the US Open tennis tournament at Flushing Meadows. It provides access to the attractions further out on Long island.
The Bronx is one of the most vibrant of the boroughs. Affordable housing often attracts influxes of new residents in some districts, but investment is meaning that some of these areas’ unmistakable character is now changing somewhat. There are also more upscale parts of the borough. The Bronx Zoo and the New York Yankees’ stadium are situated here.
Staten Island is the most southerly borough and has the smallest population. Residents often commute to Manhattan using the famous ferry. It is mostly suburban and has a unique feeling of space and a family neighborhood ambiance. But there’s also been an influx of young people taking advantage of the cheaper rents and enjoying the borough’s improved lifestyle options.
The 1.6 million people living in Manhattan pay for the privilege and that pushes up NYC real estate prices. As one might expect from an area famous for vertical living, condos and luxury apartments are a big feature of life here. The Harlem area has traditionally offered lower property prices, but some gentrification has now been seen there.
Brooklyn has its share of tenements, but it is also famous for its brownstone properties—terraced houses which often come with small gardens. The Brooklyn housing market is vigorous, but this can mean that more homes get placed on the market as owners try to sell their properties for greater profits.
Queens has housing options ranging from dense urban areas full of apartment buildings to sparsely populated districts which mostly feature suburban single-family homes. Property here tends to be cheaper than either Manhattan or Brooklyn. The borough of Queens is considered to be an attractive option for real estate investors thinking of choosing New York City.
Due to its great diversity in terms of income, the Bronx is known for having both poor areas like Soundview, with run-down tenements, and more expensive neighborhoods exemplified by the largely owner-occupied Riverdale. In the last few years, the Bronx has experienced some gentrification, with real estate investors getting more interested in the area.
The strength of Staten Island’s real estate market is partly its small-town feel. Rental prices are noticeably more affordable than in other, more celebrated areas of the city. Detached properties are the norm here, and the development of waterfront neighborhoods has added to the real estate options.
Median Home Price: $654,700
Average Rent Price: $4,201
Property sales figures source: PropertyShark data for January 2019.
Education
The New York City public school system is the largest in the country, with more than 1,700 public schools where over 1.1 million students are taught. The city has no fewer than 15 academic medical research establishments and medical centers which are leading institutions in the US.
There are many nationally renowned independent universities and colleges in New York City, including the public City University of New York. Private higher education schools based here include New York University, Manhattan College and many more. There are three public library systems in the city: the Queens Borough Public Library, the Brooklyn Public Library, and the New York Public Library which serves Manhattan, Staten Island and the Bronx.
Economic Overview & Outlook
In Q4 2018, the unemployment rates fell in all five boroughs (without making seasonal adjustments): 3.3% in Queens, 3.4%, in Manhattan, 3.8% in Staten Island, 3.9% in Brooklyn and 5.3% in the Bronx. These also represent decreases from the previous quarter, so the prospects for employment in NYC look good.
The New York Stock Exchange and NASDAQ are the world's two largest stock exchanges in terms of trading activity. New York is still the billionaire capital of the world, and it leads the nation in the fields of law, accountancy, banking, and management consultancy. In 2019, slower economic and job growth has been predicted for the near future in the Big Apple, but expansion should still continue. The city’s increasingly diversified economy is a good sign for future stability, and real estate is still expected to be a big revenue driver.
