The Big Apple is alluring to many, however, not everyone can get a piece of it! Proving it to be all the more impossible now is a recent report by Zumper, which rates it as the most expensive city to live in the United States! Yes, that’s right!
As per the study, the average apartment in New York is $2,810, while in the Bay Area, it comes to about $2,800. What this means is that even if marginally so, New York has now overtaken San Francisco when it comes to all things pricey!
With the onset of COVID, several experts had predicted real estate prices to massively drop in N.Y., with the city’s future also expected to be in the doldrums. However, emerging as just the opposite, the cost of living in the city has shown a surge, as can be seen in the report.
According to a StreetEasy market report released earlier this summer, Manhattan’s rent, which saw the most dramatic drop during Covid, has increased by $60 to $2,860. In contrast, Brooklyn and Queens rents increased by $49 and $50, to $2,449 and $2,100, respectively.
Reflecting on the situation, Nancy Wu, an economist at StreetEasy who spoke with Gothamist, stated that the rise in rent prices is likely not a reflection of an economy rebounding. Still, more, so landlords attempting to “make up for time and money lost during the pandemic’s lull by raising prices and erasing discounts.”
Regardless, New York currently sits on top of the charts as far as rentals in the U.S. are concerned!
[Via – TimeOut]