13 mind-blowing facts that show just how expensive New York City really is
- New York City has a reputation for being one of the most expensive cities in the world.
- New York City's high cost of living is due to its booming economy and large job market across a variety of industries.
- Rents in the city are reaching historic rates and 1.5 million New Yorkers are living in poverty.
- Visit Business Insider's homepage for more stories.
New York City is known for its high prices and its wealthy residents, and that's in large part due to the city's booming job market.New York City has the world's largest urban economy, reported Steve Goldstein for MarketWatch, citing an Oxford Economics report. In 2018, the city saw its biggest economic boom in 70 years, according to Kirstan Conley for the New York Post. The securities, healthcare, technology, media and business, and tourism-related industries are fueling job growth, she wrote.Advertisement
As a result, New York City consistently ranks on top 10 lists as one of the world's most expensive cities to live in. Rents in the city are on their way to historic rates, and 1.5 million New Yorkers are living below the poverty level.
Here are 13 mind-blowing facts that show just how expensive New York City really is.
1. Some NYC residents are shelling out millions to live in basements, where they can get more space for their money.
2. New York City is the world's only city with more than 100 billionaires.Advertisement
3. The typical rent in New York is $3,400 — twice the typical national rent.
4. The monthly cost to park a car long-term in New York City is over $606 — more than the median rent in some US cities.Advertisement
5. The typical price of homes listed in New York City is $1.5 million — more than five times the typical national price of homes listed.
6. To live comfortably as a homeowner in New York City, residents need to earn $148,448. It takes the median US worker roughly three years to earn that much.Advertisement
7. New York City has the most expensive home ever sold in the US, a $238 million penthouse.
8. New York City is home to one of the top five richest ZIP codes in the country —10007. The average income there is $879,000.Advertisement
9. A $75,000 salary in New York City is equivalent to a $195,362 salary in Austin, Texas.
10. A single person in New York City can expect to spend an annual total of $51,323 on necessities — more than what the median US worker earns in one year.Advertisement
11. A family of four in New York City can expect to spend $124,129 a year on necessities — that's $10,344 a month.
12. Private preschools and kindergartens in New York City can cost up to $50,000 a year — more than yearly tuition at some Ivy League universities.Advertisement
13. The cost of living is so high that multimillionaire Wall Street bankers are fleeing the city for more affordable housing.
- Trump signs executive order escalating war on Twitter, social media (Ld)
- Trump signs executive order targetting social media giants
- Odisha reports 67 new COVID-19 cases; total rises to 1,660
- Bihar reports 16th COVID-19 casualty; number of cases rises to 3,185
- 11 more test COVID-19 positive in Jharkhand; cases rise to 469