New York City ranks among the world’s most expensive cities to live in. Its economy grows rapidly and consistently, and construction projects in the city are moving at quite a pace. Regardless of whether a person in New York works in Construction claims, insurance, banking, advertising or tech, the job possibilities are wide and many.
What should be kept in mind when thinking of living in New York City?
New York’s economy grows consistently, and so do the amount of construction projects in the city. Yet it is an expensive city and most of the residents live in either the suburbs of bedroom community towns. The city has a high standard of living plus high living costs too. https://thelahoremart.com/collections/mens-fashion
It is advisable for prospective residents to consider their income before they move into the city. This will help them budget the expenses, such as food expenses, transportation, rent, and other miscellaneous expenses.
For a much detailed look, let us have a good look at some fascinating facts about the Big Apple’s living costs:
NYC’s average rent is twice the national American average
Anyone must first try imagining living in a place where monthly expenses are twice of what they are now. Such can be quite frustrating for many people whose income isn’t as lucrative as they desired. If a person is planning to live in New York City for whatever the reason may be, they need to be wary of the city’s living expenses.
One of the most alarming aspects of living is none other than New York City’s housing. While the average American rent for a two bedroom apartment is almost USD$ 1,500, a similar apartment in New York fetches a rent of USD$ 3,500, give or take. This makes the Big Apple the third most expensive city in the world to live in.
Another thing to observe is that there is a large disparity in the cost of homes in New York in comparison to the rest of America. Perhaps this might be the reason why a lot of people prefer buying a home in comparison to renting, even in New York.
On a global scale, the United States of America does not fare badly in terms of the ratio of average costs of property (per square meter) and income in comparison to the rest of the world. However, New York City has really expensive housing prices and above the American national average, which may not make it possible for aspiring residents to buy a home in the city proper.
In all honesty, New York City alone ranks as America’s most expensive city in terms of residential property’s rent. It is quite important to calculate a person’s income per month to cover mortgage/rent, living costs, groceries, other loans and the like if they are to live a decent life in NYC.
This is why they need to calculate the home’s price (per each meter squared) to income ratios before they choose a neighborhood in New York City.
Those who wish to become a New Yorker should be earning around USD$ 150,000 per year on average
Everyone knows that it is quite expensive to purchase a home in New York City. It is further evident by checking the rent for an individual unit. Anyone would need to make at least USD$125,000 annually on average.
Anyone desiring to live a simple yet comfortable life needs to have a stable income. A luxurious life requires a high income. Those who live with their family, the cost of living rises. Why? Because of the larger space rented which results in higher rent, and the income should also be able to sustain that.
New York City is home to more than 100 billionaires
It may not exactly be like Monaco, but like most major cities of the world (London, Hong Kong, Shanghai, Amsterdam, Rio de Janeiro), New York City has a hundred billionaires and the United States alone has 500 billionaires.
Achieving this number is like a dream to a lot of countries across the globe (even the developed ones due to the size of their economies). WIth that amount of billionaires in NYC, it does indicate that the city has high living standards. Billionaires aren’t concerned about the expense of living, but do keep an eye out. For the average citizen, cost of living is a matter of concern.
This is why property values are rising in New York City and luxury properties are rising in number too. This in turn also affects other costs of living. Those who are having tight budgets whilst living in New York need to do research on affordable neighborhoods and suburbs present in New York City and Long Island.
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