I think it has a lot to do with the younger demographic wanting to live in the nice parts of Manhattan and are willing to spend the little bit extra to rent then to save. While I believe many 27+ in age tend to stop living in Manhattan and look to buy a house or move else where considering their job.

Hi Rick, the report is about buying not renting and all demographics are buying in Manhattan. There has been a baby boom since 2000. Couples with children in their 30's and 40's are choosing to stay in the city over the suburbs, empty nesters are selling their homes in the suburbs and buying condos in Manhattan, some are second homes some are primary residences. Sales are very strong in the $3million + range. The average apartment price in Manhattan is $1,290,000.

In fact the under 27 group have moved to more affordable places like Brooklyn, Long Island City and Hoboken NJ.

Good to hear things are going good for you Mitchell.  New York is a great city with many great features.  Just curious how many bedrooms are they using for that average of $1,107,000?

It is an average of all apartment sizes averaged. For $1,107,000 would get you a either a 1 or 2 bedroom depending on location coop or condo and the ammenities.