New York City has always been one of the most expensive places to live in America. But as horrible as the cost of living has been there, the effects of Bidenomics (or Kamalanomics, or Demonomics, or whatever you want to call it) have been nothing short of devastating for the people in the Big Apple.
Only the most affluent can afford to live there and many of them are choosing to leave. Recent trends over the past two years have seen an indisputable exodus from a city that is known for its lifestyle options. It was once considered a privilege to live there. Today, it’s such a burden that the people are trying to escape.
As Gemini AI details, New York City continues to break records for rent prices:
As of September 2024, the average rent in New York City is $3,869 per month, which is 147% higher than the national average. The average rent for different apartment sizes is:
- Studio: $3,145 per month for an average of 444 sq ft
- One bedroom: $3,869 per month for an average of 597 sq ft
- Two bedroom: $5,268 per month for an average of 791 sq ft
- Three bedroom: $6,509 per month for an average of 1,009 sq ft
In June 2024, the median rent in Manhattan was $4,667 per month, which was a record high.
Unfortunately, many are unable to leave without giving up their careers. The city is still one of the world’s hubs for all things finance and those who work for companies embedded in New York City keep the outrageously priced apartments in high demand.
According to NY Post:
The hunt for a New York City apartment has gone from frustrating to downright feral.
This summer, renters are battling it out like never before, all for a shot at a roof over their heads in a city where landlords are calling the shots and jacking up prices to astronomical levels.
Take Aurielle Catron, a 29-year-old security engineer who braved the NYC jungle in search of a two-bedroom in Bushwick. After a brutal month-long search and 52 viewings, Catron landed a rent-stabilized fourth-floor walk-up for $3,200 a month.
It wasn’t her dream pad — it’s missing a laundry room and elevator — but after losing a bidding war that saw a $2,800 unit shoot up to $3,600, she was just relieved to have a place to call home.
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