How did average price change?
Average price per sqft for 2 bedrooms dropped ~17% in 2009 and ~4% in 2010.
Overall average price per sqft looks slightly down / rather flattish in 2010 across all types.
Difference across areas is huge – certain areas can continue to drop over 10% in 2010.
Source: https://www.millersamuel.com/files/2011/10/MMR10.pdf
How was median income level?
Median household income level in New York County (Manhattan) in 2010 was $63,188, dropping 7.5%.
Median household income level in New York State in 2010 was $49,780, slightly dropping.
A 118 sqm 2-bedroom home (or 1,270 sqft), with average price per sqft of $1,097, is equivalent to 22x a median Manhattan family’s annual income in 2010, or 28x a median NY state family’s annual income in 2010.
Monthly median income from a Manhattan household can buy 4.8 sqft, or 0.446 sqm, at average 2-bedroom price.
Source: Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MHINY36061A052NCEN
Source: Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MEHOINUSNYA646N
Another source for median household income is here, from nyc.gov: https://www.nyc.gov/assets/planning/download/pdf/data-maps/nyc-population/acs/house_income_nyc_boro_06_10.pdf
