Only a small percentage of the population of any large city can pay $1 million for a place.
Maybe in New York City, a few thousand doctors, roughly as many executives, half as many lawyers...
And many already own a place.
Sorry, but a 1 Mil property in NYC is not all that pricey.
You cannot use price metrics from other areas.
Good or bad, NYC just like San Fran and Pali Alto and other similar high-powered places are in demand from buyers world-wide.
The immediate burbs are also priced through the roof compared to other US areas.
Just because you don’t want to live there doesn’t mean millions of others also don’t. Areas in Brooklyn that were once GHEEEETTOOOO are now full of young hipsters.
Remember, in real estate, location, location, location.