If your rent feels criminal and your shoebox-sized apartment costs more than a house in the Midwest, you might be onto something.
A new global report from wealth advisory firm Henley & Partners just confirmed the obvious: New York City is now officially the second-most expensive city in the world to buy a home.
Only Monaco outranks it. Monaco. The literal tax-haven playground of the ultra-rich, so based on that, you’d think we must be in elite company.
Researchers looked at the average cost per square meter for “prime” apartments between 100 and 200 square meters. In Monaco, that’ll run you $38,800 per square meter. In New York, it’s a bit lower at $27,500 per meter.
It doesn’t help that there are 384,500 millionaires living in New York. That’s not a typo, and it certainly adds some context to why a two-bedroom in the West Village might cost more than most Americans make in a year.
New York edged out Hong Kong and London for the No. 2 spot. Paris, Sydney, and L.A. also made it into the top 10.
Here’s how the full list looks like:
- Monaco
- New York
- Hong Kong
- London
- Saint-Jean-Cap-Ferrat
- Paris
- Sydney
- Palm Beach
- Miami Beach
- Los Angeles
We’re not surprised that New York ranks so high on the list, just tired. Maybe it’s the world-class art. Maybe it’s the 2 a.m. pizza slices. In any case, if the millionaires could stop driving up the square footage prices everywhere, that would be great.