[sotojuan]

If you want to own property in Manhattan probably, or at least close to it.

If you want to own property elsewhere (Brooklyn, Queens, SI, Bronx), you need to be upper middle class and have some savings—no millions needed though unless it's some super prime location.

The 1% that commute long hours to Manhattan do it because they want to live in their large Long Island or upstate estates/houses, not because they can't afford Manhattan. If they wanted to be close to work, they'd just have to live in a smaller house/condo without a large front lawn or private pool.

Millions of families live "decent" lifestyles in NYC all the time without being millionaires.

[leakybit]

I think that's pushing it a little. With a $1,000,000 mortgage 30 year @ 4.0% APR, that payment would be $57,288/year + $5,000 property tax/year. So someone with mid 200,000/year salary could afford it.

[sotojuan]

That's fair, haven't really delved into NYC real state. That said, I've never seen or heard of a property (condo, house, apartment, etc) for a million in a desirable Manhattan location. Even in Park Slope or Sunset Park in Brooklyn you go over the million mark quick.