Posted on 05/23/2024 8:49:47 AM PDT by ChicagoConservative27
The Big Apple has become so unaffordable, even six-figure salary earners are finding themselves priced out.
That’s according to a new report from real estate listings website StreetEasy, which says that New York City apartments have become so expensive, it’s not just lower income households struggling to pay rent. Those in the tech sector, where annual wages are $135,089 — 52% higher than average — could afford only one in three NYC rentals on the market in 2023.
For entry-level tech workers, who make an average salary of $75,262, only 2.1% of studio and one-bedroom rentals were within reach, which StreetEasy defines as costing less than 30% of gross annual income.
As a result, newly graduated techies are incentivized to take jobs in more affordable metros, “making it harder for NYC employers to hire and retain these workers eager to start their new careers,” the report says.
(Excerpt) Read more at nypost.com ...
“I just returned from New York City. The dirtiest city I’ve ever been in.”
NYC: grime & crime
In Madrid, it was actual dirt due to infrequent rains.
Yawn…blue rathole city…vote blue, sanctuary harder🤬🤬🤬
“I have family who have a NYC apartment, under rent-stablization. They are still paying under $2,000 for large 2 bedroom apartment that a newcomer will have to pay $5,000+ for.”
I grew up in upstate New York.
I think I only applied for one NYC job in my life. The $3,000 gap is one that employers and workers don’t want to pay.
Owners can’t get a reliable tenant to cover the carry costs and doesn’t want to live in it.
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This will be a huge story as we move through the decade.
Where did all the renters go?
Answer: They don’t exist, there is a low supply of renters, unless you believe all the migrant and illegal migrant hype.
Numerous homes in my area have been off the market for 10-15 years, just sitting there vacant.
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