New York City has long been one of the most expensive places to live in America, but despite its historically high cost of living, the impact of current economic policies—whether you call it Bidenomics, Kamalanomics, or Demonomics—has been devastating for its residents.
Only the wealthiest can afford to live in the city, and many of them are choosing to leave.
Over the past two years, there has been a clear and undeniable exodus from a city once celebrated for its vibrant lifestyle.
What was once seen as a privilege to reside in the Big Apple has now become such a heavy burden that people are scrambling to get out.
According to Gemini AI, New York City continues to break records for rent prices:
As of September 2024, the average rent in New York City has surged to $3,869 per month, a staggering 147% higher than the national average. Here’s the breakdown for various apartment sizes:
- Studio: $3,145 per month for an average of 444 square feet
- One-bedroom: $3,869 per month for an average of 597 square feet
- Two-bedroom: $5,268 per month for an average of 791 square feet
- Three-bedroom: $6,509 per month for an average of 1,009 square feet
In June 2024, the median rent in Manhattan hit a record high of $4,667 per month.
Despite the steep cost, many people find themselves unable to leave without sacrificing their careers.
New York City remains one of the world’s leading financial hubs, and employees at companies deeply entrenched in the city are keeping the demand for its exorbitantly priced apartments high.
As the New York Post reports:
The search for an apartment in New York City has gone from being a frustrating experience to something akin to a survival game.
This summer, renters are fighting tooth and nail for even a chance at securing a roof over their heads, in a market where landlords have the upper hand and are driving prices to insane levels.
Take, for example, Aurielle Catron, a 29-year-old security engineer, who faced the brutal reality of apartment hunting in Bushwick.
After a grueling, month-long search that included 52 apartment viewings, she finally secured a rent-stabilized, fourth-floor walk-up for $3,200 per month.
It wasn’t her ideal home—lacking both an elevator and laundry facilities—but after losing a bidding war that pushed a $2,800 unit up to $3,600, she was simply relieved to have found a place to call her own.
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