Sunday, June 24, 2007

Add "Church Planters" to the List of People Moving to Lower Manhattan


Wealthy Couples Show Increased Appetite for Downtown Addresses

Young, affluent couples are buying up property in and around the Financial District at a faster rate than any other demographic, according to a study commissioned by the Alliance for Downtown New York. The study found that 42 percent of Financial District households are now young couples with no children. Additionally, since 2004, 40 percent of newcomers to the Financial District have come from outside of the city.

Newcomers are not only young and kid-free, they're also coming in toting an unusual amount of cash. The average income of the new Financial District local is a whopping $256,130, according to the study, making Financial District residents the wealthiest in all of Manhattan. Reporting on the findings of the study, the New York Observer noted that the typical Financial District household now makes about three times that of Manhattan overall.

The increased median income among Financial District residents reflects another growing trend: Workers in Lower Manhattan are opting to buy homes within walking distance of the office. With an influx of Wall Street brokers turned Wall Street residents, 16 percent of Financial District households now bring in more than $400,000 annually.

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