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Cost of Manhattan living is going down

January 6, 2010 - A weak economy may prove beneficial to individuals who would like to live in a metropolitan setting but worry the cost of real estate in urban areas may be outside their budget.

In Manhattan, property costs have decreased greatly over the past few months, making one of the country's most expensive neighborhoods more accessible, the Wall Street Journal reports.

Median prices of homes for sale in the region have dropped 15 percent over the past year and the price per square foot has decreased by 17 percent, according to the media outlet.

As a result, sales in the area have risen by 50 percent as homebuyers attempt to acquire one of the area's highly coveted addresses.

These price drops are representative of a trend toward lower property costs in metropolitan areas around the country, which could help real estate shoppers move into a property that exceeds their original expectations.

Prospective homeowners can also save money through the recently renewed homebuyer tax credit. Under the program, first-time homebuyers can receive tax relief worth up to $8,500, while repeat real estate owners can decrease their taxes by as much as $6,000, according to the National Association of Homebuilders.

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