Why is rent in NYC so expensive?

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asked Jan 6 in Real Estate - Renting by coastmojk (300 points)
Why is rent in NYC so expensive?

1 Answer

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answered Jan 6 by rimakovs (420 points)
The main reason that NYC rent is so expensive is that there are too many people and not enough space so they take advantage of that and charge a high amount for rent because some people would gladly pay that high price to live in NYC.

For me I visited NYC before and would not want to live there so I would never want to pay those high prices for rent.

Those rent payments are more than my mortgage payments on a house that I will eventually own.

Everything else in New York City is expensive as well because they know people will pay for it because some people find it very exciting to live in New York City.

But for me I don't find it exciting to live there as it's too crowded for me.

I prefer living in the woods alone but it was nice to visit New York City anyway.

To be able to live somewhat comfortably in NYC a single person needs to be making an annual salary of $40,000.00 after income taxes.

If you're a couple you need to have around $80,000.00 per year salary and if you have kids you likely need around $100,000.00 to $200,000.00 to live comfortably and provide for yourself and children.

Rent alone in NYC can be as much as $2,000.00 per month or more depending on the apartment you rent and how many bedrooms.

A 3 bedroom apartment can cost upwards of $4,000.00 per month just for rent alone.

It's very expensive to live in New York City but other parts of New York may be cheaper to live and then commute to the city for a job.

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