Boston’s Back Bay
Manhattan New York
When comparing the real estate sold in Boston’s Back Bay neighborhood and New York City’s Manhattan Island, Manhattan is in a league of its own. In the grand scheme of things, these two areas are so lucrative it is like comparing a Ferrari and a Lamborgini. Both are golden choices but New York is a tier above in terms of purchase price. If you are a buyer looking to spend $1 million dollars, you will get more for your money in Back Bay. “For $1 Million in Manhattan, you’re in a nice 1 bedroom or a small 2, and not in the upscale neighborhoods. In Back Bay $1 million will put you in a great neighborhood with more square footage, very convenient to Newbury Street and walkable to downtown.” say Doug Bray of Century 21 Cityside on Copley Square. When you buy a place anywhere in New York, you are also buying yourself into the unique New York lifestyle. Let’s break it down by the numbers:
In 2014, the average price for a Manhattan Condo was approximately $1 Million dollars.
In 2014 the average price for a Condo in the Back Bay was approximately $800,000 dollars.
How does one compare price and lifestyle for these two great locations? There is no clear answer as the decision is based on the buyer’s preference. Both areas have low inventories and extremely high demand. Bostonians would argue that for one million dollars the Back Bay neighborhood would provide a nicer place to live. Back Bay offers historic architecture on tree-lined streets, few skyscrapers, and a friendly, calmer lifestyle. New Yorkers might argue that they prefer “more of everything in a city that never sleeps.”
There is a price to pay for this lifestyle. Manhattan, a very expensive place to live in the United States, is also the most densely populated area in the United States. With 1.26 Million people and in 33.77 square miles, it has a population density of over 66,000 people per square mile. In contrast, Boston’s Back Bay is an area that is less than one square mile in size, with 26,819 people. In Manhattan more money buys you less property.
Just how much bigger is Manhattan than the Back Bay? Here are some staggering numbers.
Total Population:
Manhattan: 1,626,000 People
Back Bay: 11,366 People
Total Area:
Manhattan: 33.77 Sq. Miles
Back Bay: 0.9 Sq. Miles
Population Density Per Square Mile
Manhattan: 66,940 People per Sq. Mile
Back Bay: 26,819 People per Sq. Mile