TOP 10 most expensive US cities to buy apartments in July 2023
In July 2023, a large amount of data on apartment prices in different cities in the United States was analyzed. As a result, the analysts at “numbeo” updated the list of the top 10 most expensive cities in the US to buy apartments. The ranking took into account the average price per square meter in the city center. This list will help potential buyers make a decision on where to invest their funds. Here are the top 10 cities where apartment prices are the highest in the US.
These cities offer a wide range of opportunities for living and working, but apartment prices here are some of the highest in the US. New York tops the list, with an average price of $15,750 per square meter for buying an apartment in the city center. San Jose comes in second place with a price of $14,720 per square meter. Brooklyn, Boston, and San Francisco are also among the top 5 most expensive cities for buying apartments.
TOP 10 most expensive US cities to buy apartments in July 2023
| Rank | City | Price per Square Meter to Buy Apartment in City Centre |
|---|---|---|
| 1 | New York, NY, United States | $15,750 |
| 2 | San Jose, CA, United States | $14,720 |
| 3 | Brooklyn, NY, United States | $13,140 |
| 4 | Boston, MA, United States | $11,740 |
| 5 | San Francisco, CA, United States | $11,690 |
| 6 | San Diego, CA, United States | $10,940 |
| 7 | Austin, TX, United States | $9,520 |
| 8 | Los Angeles, CA, United States | $9,240 |
| 9 | Washington, DC, United States | $8,990 |
| 10 | Seattle, WA, United States | $8,910 |
There are several factors that explain the high prices for purchasing real estate in these cities:
- Location: All cities on the list are well-known economic and cultural centers. New York, San Francisco, Los Angeles, and Washington, D.C. are major cities with a large number of job opportunities and business prospects. San Jose, Brooklyn, Boston, San Diego, Austin, and Seattle also have high concentrations of enterprises in various industries, which attracts many potential real estate buyers.
- Economic growth: The high property prices in these cities are linked to their rapid economic growth. As mentioned before, they are economic hubs, and the influx of labor and businesses to these regions contributes to an increased demand for housing. Strong economies and high wages make these cities attractive to many people, leading to increased demand for real estate and consequently higher prices.
- Limited supply: In some of these cities, the supply of real estate is limited. For example, San Francisco, Los Angeles, and New York are known for their dense urban areas and limited space for new construction projects. This creates competition among buyers for a limited number of available properties and drives up prices.
- Population growth: Many of these cities also experience rapid population growth. New residents, including migrants from other states and foreign countries, increase the demand for real estate. Population growth can also lead to increased infrastructure and development, making these cities even more attractive to real estate buyers.
- Investments: These cities attract both domestic and foreign investments, which also impact the rise in property prices. Investors see the potential in these cities for high rental yields or future property reselling. This creates additional demand for real estate and drives up prices.
In conclusion, the high prices for purchasing real estate in these cities can be explained by their location, economic growth, limited supply, population growth, and investments. They are concentrated with major financial and technological centers, making them attractive to investors and workers in these industries. However, besides the high prices, these cities also offer a rich cultural heritage, diverse entertainment, and career development opportunities. All these factors together create a competitive and expensive market environment for real estate in these cities.
If you are planning to purchase an apartment in the US, keep in mind that real estate prices can fluctuate over time. Check for up-to-date data and consult with experienced real estate agents to make an informed choice. Regardless of the city you choose, remember that buying an apartment is a serious decision that requires careful analysis and planning.
