Why are New York condos so expensive?

Condos in New York city are so expensive because of the strong demand for them. Essentially, you're competing with everyone else in the world who desires to buy a place to live in the area. Manhattan has especially high prices because of the large incomes earned by many of those who work on Wall Street.

However, there are other factors as well, including the fact that New York is a world city and there are many foreigners who would like to move to the city or keep a condo there as a second or third home. Rather than complaining about pricing, I've always found that it's more constructive to instead work to afford the prices. It's also worth mentioning that the best way to live cheaply in New York city is to be in a rent-controlled apartment, though it's next to impossible to find one that's available.

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