When you take the salary of an average (not wealthy or poor, but middle class) New Yorker living in the heart of the city into account, is it even enough to not only pay rent (on top of a deposit in advance for first time renters) including bills utilities, internet, maintainence fees or muncipality fees & not forgetting food on the table. I’ve heard that NYC has the reputation of being the most expensive in the globe. Is that true?
There’s no doubt that New York is expensive. However, I don’t think it’s even the most expensive city in the country. San Francisco, Seattle, and Boston all come to mind as probably more expensive, at least in terms of rent.
Still, you will pay a premium to live in the five boroughs compared to most other places in the country. Salaries tend to be higher in the city compared to other parts of the country, but it’s not unusual for New Yorkers to spend 40%-50% or more of their income on rent. Especially for those who earn less.
But, there’s a reason most New Yorkers aren’t chomping at the bit to move out to flyover country.
It all depends on the zip code really. NYC is way more massive than the other cities and has a wider range of incomes. Sea/Bos/SF are much smaller and tend to have higher average incomes due to the lack of diversity, and the higher general education levels.