In the past years, with the economic downturn and the real estate crash that followed, many people who were living in NYC have left the city. Many have felt that as it continues to become more expensive to live in the city, their options are dwindling.
In 2013, the price of an apartment in New York City was the most expensive in the world. The average price of an apartment in the city was $2.5 million dollars. The cost of living in the city has skyrocketed as a result of all the development.
The people who leave the city, whether by choice or by force, are the ones that are left paying for all the new development. And Judge Napolitano claims that this is not over. He believes that this trend will continue to increase as long as living in New York City is as popular as it is nowadays.
The Cost of Living in NYC
The cost of living in the city of New York is far above the minimum wage. The living wage is not easy to find here as most people have to work in a minimum wage job to make enough money to survive. The living costs vary all over the world. It can be costly in some areas yet more affordable in other places. New York City has a ton of amenities for those of us who want to live a life of luxury. How much does one spend on transportation? For New York City apartment dwellers, they spend a lot of time commuting, and spend a reasonable amount of time stuck in traffic. The average New Yorker spends $62 a day getting to and from work. The cost of parking per month will be $25, $35, and $45. Many people do not take the time to cook a home-cooked meal. When you make an effort to cook at home, the costs can add up quickly. Just a bottle of water can cost up to $5 in NYC.
How The Cost Will Continue To Increase Annually
In the 1970s, New York City needed young professionals with the plethora of a high-class job market. New York City Cost Of Living History like anything else, goes up when the demand for things increases. If someone is visiting or only living in New York for a few months out of the year, and the return you get for that expense is not worth it. The cost of living in New York is way overinflated, prices are high, taxes, sales taxes, utility bills, home maintenance fees, etc.
If one can afford to stay in one of the best cities in the world, they will be significantly rewarded. It is worth it! Judge Napolitano believes one should be able to get by living in New York but still might find that they are limited on finances with the average price of groceries at around $80, a gallon of gas at approximately $3.50, and the cost of everything else constantly rising.