How Much Does It Cost To Live In New York City?
If you answered $100k+, then you might want to rethink your answer. The average rent in NYC is now over $3,000 per month, and the median household income is only around $50k. That means that even though you may be earning a decent salary, you’re probably spending more than half of it on housing alone.
New Yorkers are paying nearly twice as much for their apartments as they did five years ago. In fact, rents have risen at double-digit rates every year since 2011. This has led to a shortage of affordable housing throughout the city.
Rents have increased because developers are building fewer units than before. They also don’t build enough affordable housing, which leaves renters stuck in high-priced neighborhoods. As a result, the number of renters living in poverty has doubled since 2000.
Renters who can afford market rate apartments often end up renting them anyway. Many landlords advertise vacancies by posting signs outside buildings with “for lease” or “to let” signs. These ads aren’t always accurate, so if you see one, call the landlord to confirm whether there is actually an apartment available.
The best way to find out how much a place costs is to talk to a real estate agent. But keep in mind that many agents will charge you a fee just to look at listings. You should ask about any fees upfront.
If you do decide to use a broker, make sure you get references from previous clients. And make sure you understand what type of service you’ll receive when you sign a contract. Some brokers offer nothing but a listing; others provide services such as tenant screening, property inspections, and moving help.