Can you afford New York City real estate?

Real estate in New York, New York, has been in demand for much of 2012, and recent reports show that the metro area has no signs of calming in the near future. According to the S&P/Case-Shiller index, home prices in 20 U.S. cities climbed 0.5 percent in June 2012 from a year earlier, which is the first gain for many areas in almost two years.

Rising demand driven by mortgage costs helped trim the volume of unsold houses on the national market, and the Big Apple's housing inventory is down 18.4 percent year-over-year in August 2012, according to the Department of Numbers.

For homebuyers who want to join one of the communities in New York City, it's important to have your finances in order, as the Big Apple can be expensive. Recently, The Atlantic Cities published an article that outlined the average weekly wage a homebuyer would need to afford property in New York City, the median price per square foot in the area and how many years he or she would need to save for a down payment at the previously mentioned monthly wage. In the Big Apple, a buyer would need to make $1,435 a week to afford a house that cost $274 per square foot and it would take 13.4 years to save for a down payment. If these numbers resemble your current financial situation, you might be able to invest in New York City real estate today.