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Manhattan used to be more densely populated and prices were lower. I found this neat article https://millersamuel.com/change-is-constant-100-years-of-new-york-
by jackcosgrove 3y ago
Manhattan used to be more densely populated and prices were lower.
I found this neat article https://millersamuel.com/change-is-constant-100-years-of-new-york-real-estate/ https://millersamuel.com/change-is-constant-100-years-of-new...
In the 1910s when Manhattan's population was 2.3 million, price per square foot (PPSF) was $8. In the 2010s when the population was 1.6 million PPSF was $1070.
Inflation from the 1910s to the 2010s was about 22x. PPSF in Manhattan rose by 134x over the same time, even as the population fell.
- endisneigh 3y agoWithout knowing the price of other metro areas the data doesn’t seem useful.
- jackcosgrove 3y agoI agree that real estate is complex and simply plotting density vs price along any dimension isn't very useful. My analysis is as complex as Scott Alexander's and arrives at the opposite conclusion.
- vikingerik 3y agoIs this accounting for quality increases? The median square foot in Manhattan today is of much higher quality than that of 1910.
- kortilla 3y agoLiving in the city sucked in 1910. Terrible pollution, sanitation issues, etc. It was where you went when you were desperate for work.