NYC Still Priciest City in the US- By: Andy Denton
Despite the plunge in real estate values in New York, Forbes and research firm Mercer recently put The Big Apple at the top list for America’s Most Expensive Cities list. There is no denying the city still hurts people’s pockets - especially on rent.
Forbes states, “…New York tops a recent list of America’s most expensive cities, with a measured cost of living surpassing that of Houston, Boston and Washington, D.C. The culprit? High rent: $4,300 a month on average for a two-bedroom, unfurnished luxury apartment. The silver lining: That’s down $200 from when the survey was taken in 2008… Before the 1970s, New Yorkers were in a sense paid a premium to live in the Big Apple, due to its reputation for crime and filth. But when the city began to experience robust economic growth, demand outweighed supply, and housing prices grew. Though prices are now dropping, and are largely believed to have yet to hit bottom, the area’s cost of living, according to Mercer, remains the nation’s highest. Its housing cost, according to Mercer, is almost double that of second-place Los Angeles.”
So if this is the case, why do so many people insist on battling it out in the city?
Careers? No. Joblessness has spiked to 10.2 percent in September. And, It’s not really that fresh grads and younger yuppies can be assured with a lucrative career in Wall Street anymore.
Culture? Sure. Everyone loves the hodgepodge of arts, fashion, entertainment and everything else. But not everyone can splurge on these the way they want to as compared years ago. Rent, food and bills should be paid first.
Family and friends? It’s not what you always think. People can find refuge in less expensive cities and still stay close to their families as well.
People flock to NYC because amidst the crisis, the rocketing prices, the soaring rents, the cramped spaces, the unending chaos on a busy morning, people continue to believe that one day, they can take their careers to high-paying opportunities and be less affected by inflation once they hit their career jackpot.
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Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.