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I suggest you look at Streeteasy, which is the go-to site for NY real estate. I see a 1050 sq ft unit for 425K, five separate 1000 sq ft units in the $340 range; several others with no sq ft listed but with floor plans.
Well, we all know that NYC apts tend to be small. But that is the nature of the city. There are plenty of much more expensive places in more upscale areas that are no larger. It really says nothing about whether a particular area is middle class. As i noted, the median household income there is right at the US median.
Remember, most of the places you see are coops, and that means that the HOA fee includes property tax, insurance and, usually, heat and water. In some places it includes the electric bill, but I think that is rare. Plus, the HOA fee covers garbage and other standard city services fees.
I honestly don't understand how a household making 70k a year can afford a 340k apartment.
Since only about 65% of households own their homes, the median income of homeowners is presumably higher than the median income overall.
And it looks like median income in Pittsburgh (to choose an average city) is 54K, while the median home price is 275,000, or about 5x higher. About the same as 70k versus 340k.
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