Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York City has a population of around 8.6 million that is ethnically and culturally diverse. Its economy is the largest in New York State and among the largest in the world. Nearly 70 percent of households rent their homes, many of which are rent-stabilized. Land prices and thus home prices are exceptionally high—particularly in or near prime areas of Manhattan. The Great Recession was less severe in New York City than in most of the nation, and since then, the City has experienced its strongest economic boom in decades, with much of this growth seen in the City’s outer boroughs. The recent growth has come with little contribution from the securities industry, which had historically been a key driver of economic expansions. Many different sectors, including leisure and hospitality, education and health, and construction, have seen robust job growth, and employment in the relatively well-paying tech cluster has expanded sharply. These trends have led to an increasingly diversified New York City economy in recent years.
|New York City||New York State||USA|
|Pop growth, 10-year change1||3.8%||3.7%||8.1%|
|Job growth, 5-year-change1||13.4%||8.3%||9.3%|
|Median household income2||$58,000||$62,000||$57,000|
|Median home price2||$520,0000||$300,000||$200,000|
|Pop share age 25+ with BA+2||37.0%||35.7%||31.3%|