Wednesday, September 28, 2005

Run-of-the-Mill-ion Dollar Apartment

A piece in today’s Newsday gets in on the "middle class is getting squeezed by housing prices" media jag. Wonder how those working class and poor folk are doing… but I digress:

For the first time, there are more than 1 million owner-occupied homes in the United States worth $1 million or more, according to a Census Bureau survey published late last month. … the king of outrageous housing prices continues to be Manhattan …The average price for an apartment in all but Harlem and the borough's northern tip climbed above $1.2 million in the second quarter of 2005, said Gregory Heym, chief economist for Terra Holdings, an owner of real estate brokerages in the city.

More Polis posts on the middle class squeeze:
To Be or Not To Be Broke
Gas Prices: What Goes Up Won't Come Down