[handmodel]

For this particular example (housing) I agree that median isn't that informative. It doesn't cover the range of prices available and a theoretical city with a high median, but a glut of housing available cheaply, would look expensive according to this stat.

However, this is not my impression of housing in NYC at all. In fact - quite the opposite. The very low vacancy rate means that the floor is very high. That is why you see stories about essentially closets going for more than luxury apartments in other cities.