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Home » Facts about New York City’s Rising Expenses that will Blow Your Mind

Facts about New York City’s Rising Expenses that will Blow Your Mind

New York is one of the most famous cities in the world. You have probably heard New York is referred to as The Big Apple hundreds of times. The story behind this name is that the 1970s tourism campaign about this city was so successful that people couldn’t wait to see what was so special about it.

There are plenty of great things about New York. However, one thing that makes living here tricky is the rising expenses Maxwell Drever, the Founder and Chairman of DCM says. Two things that New York is known for are wealthy residents, thanks to the booming job market in the city and high prices. In 2018, New York experienced its most significant boom after 70 years. Everything fuels New York’s job growth, from healthcare to securities, technology, business, and media.

Here are some cool facts about New York that will blow your mind:

New York Is the Only City in the World with Above 100 Billionaires

According to the 2019 Billionaire Census report by Wealth-X, New York has 105 billionaires. No wonder the cost of living here is high because people can afford the city’s expenses. Besides China and Germany, no other country has this many billionaires.

Rent in New York is 2 Times higher Than the National Media Rent

The national median rent is $1,480, whereas rent in New York is $3,500, which is over two times higher. Renting a 2-bedroom apartment can be very difficult in New York. The most expensive neighborhood in Manhattan is Battery Park City, where it costs $5,530 to rent an apartment. The average rent in New York eats about 80% of the median salary.

Paying for Parking is More Expensive than Renting

Paying for parking outside the office in New York is more than the rent in some US cities, including Colorado ($561) and California ($539). It costs around $606.37 per month, which can be saved if you are taking public transport, but some people find it taxing.

Residents Need to Earn More Than $120,000 to Live Comfortable in New York

Most people have this dream that once they arrive in the Big Apple, the chips will fall in place, and they will live a luxurious life. If you are among them, sorry to burst your bubble; living in New York with all the comforts is extremely difficult. According to the Bureau of Labor Statistics, residents in New York need to earn $148,448 annually to live stress-free. It takes a median US worker around three years to earn this kind of money.

Income Earned in New York is Less Than Half of What People Make in Texas

An employee earning $75,000 in New York might not be able to live comfortably, but shifting to Texas could mean they live like a king. This amount is equivalent to $195,362 earned in Texas and $96,684 in San Francisco, even though the purchasing power is lower in San Francisco.

Starting a family in New York isn’t any cheaper. The cost of preschools and kindergartens is astronomical as illustrated by Maxwell Drever. At $50,000 annually, it is more than what Ivy League universities ask for.

So, do you think you can survive in New York?