In this city, new apartments cost 4x more than houses

Would you pay $773,000 for an apartment in Syracuse, where the median home costs one-fourth as much? New York state is doing just that. The state just broke ground on East Adams Phase I, a $102 million, 132-unit affordable housing development on public land in Syracuse. That’s $773,000 per unit — about as much as it would have cost in New York City. However, that per-unit cost would be much easier to justify in New York City, where half of all homes sell for more than $845,000. In Syracuse, not a single house is selling for that much. The median […] This article originally appeared on The Real Deal. Click here to read the full story.