New York City real estate may look different in the near future
According to the Bloomberg administration, New York City's population will top nine million by 2030. This significant increase puts additional strain on the housing market, as developers need create plans for improving real estate in New York, NY, and beyond.
The fact is that almost half of all adult New York residents don't live with a spouse or partner. This same demographic has transformed the perception of what a household should look like, and this change may cause developers to rethink how they design and approach building new properties in the Greater New York City metro area.
For example, Michael Stern, a New York developer, recently told The New York Times that he plans to start converting the 1929 Walker Tower in Chelsea into condominiums, which he originally planned in 2008, but was unable to execute due to financial restraints, iRealty Times reports. Stern, and his peers, may consider this astounding data from Bloomberg in their conceptualization of property design moving forward, as small homes built for single residents may allow for more units, thus generating more profit.
If you plan to live alone in New York City, make sure you aren't putting a down payment on a property meant for two - the price could be significantly higher.