section_path: Economy/Real estate
section_name: Real estate
paragraph_text: Real estate
  
  New York City real estate is a safe haven for global investors. The total value of all New York City property was assessed at US$1.479 trillion for the 2017 fiscal year, an increase of 6.1% from the previous year. Of the total market value, single family homes accounted for $765 billion (51.7%); condominiums, co-ops, and apartment buildings totaled $351 billion (23.7%); and commercial properties were valued at $317 billion (21.4%). Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at $2,000 per square foot ($22,000/m 2) in 2023.
  
  New York City has one of the highest costs of living in the world, which is exacerbated by the city's housing shortage. In 2023, one-bedroom apartments in Manhattan rented at a median monthly price of US$4,443. The median house price city-wide is over $1 million as of 2023. With 33,000 units available in 2023 among the city's 2.3 million rentable apartments, the vacancy rate was 1.4%, the lowest level since 1968 and a rate that is indicative of a shortage of available units, especially among those with rents below a monthly rental of $1,650, where less than 1% of units were available. Perennially high demand has pushed median monthly one-bedroom apartment rents in New York City to over US$4,000 and two-bedroom rents to over $5,000, the highest in the United States by a significant margin.