Living in New York is expensive even for millionaires: 12 surprising facts about prices in the city
'06.04.2021'
Olga Derkach
More than 100 billionaires live in New York, but even millionaires sometimes find it difficult to live in a metropolis, so they often leave the city. How expensive it is to live in New York, the edition told 1gai.
The study found that Hong Kong, Singapore and Osaka are the most cities to live in. They are followed by New York.
More billionaires live in New York than in any other city in the world, but more than 60 people have nowhere to stay every night. In the city, you can buy a slice of pizza for $ 000, but renting an apartment will cost more than $ 1 a month.
New York consistently ranks among the top most expensive states in the United States.
The median household income in New York is $ 62; average hourly wage - $ 765; the average annual cost of living is $ 21,63.
According to the study, the annual salary required to live comfortably in the state is $ 85 - assuming 656,60% is spent on necessary expenses, 50% is spent on less significant items of expenses, and 30% is spent on savings.
Some interesting facts and cost of living in New York.
1. Some New Yorkers shell out millions to live in basements where they can get more living space for their money
Buyers are looking for great deals in a vast market.
A New Yorker bought a 2100 square foot (195 sq. M) two-bedroom basement on the Upper West Side for $ 2,3 million. The basement was twice the size of her Brooklyn home. And already on the floor above, for a smaller apartment, it was necessary to pay an amount of $ 1 million more.
2. New York is the only city in the world with more than 100 billionaires
According to the Billionaire Census, New York City is home to 105 rich people, not counting hundreds of millionaires. There are more of them than in almost all countries of the world, except for the USA, China and Germany.
On the subject: Top 10 best New York suburbs for living in 2021
3. For an apartment in New York you need to pay $ 3 per month, while the average rent in the United States is $ 500
The average rent for a two-bedroom apartment in the United States is $ 1. The New York area near Battery Park City is the most expensive for tenants, the average rent for the same apartment here is $ 480. In total, the average rent in New York is York is about 5% of the national average salary.
4. Every month a New Yorker spends $ 606 to park his car, which is more than the rent in some US cities.
On average, a driver in New York gives $ 606,37 a month. Despite the fact that for such money in other cities you can afford to rent housing, for example, in San Joaquin (California), rent will cost $ 539, and in Monte Vista (Colorado) - $ 561.
5. The average cost of housing in Manhattan is almost $ 1,5 million - more than five times the average cost in the United States
The median home value in the United States is $ 289.
6. To be a homeowner in New York and live comfortably, you need to earn at least $ 148 per year
This is the amount the average American worker can earn in about 3 years - $ 46 per year.
The tenant needs to earn approximately $ 128 per year to feel comfortable.
7.New York has the most expensive home ever sold in the United States: a $ 238 million penthouse
Billionaire Ken Griffin, a large investment fund manager, has acquired a 23 square foot (000 sq. M) three-story penthouse apartment.
Real estate companies have figured out a way to sell penthouses that cost a fortune. They divide them into smaller apartments and sell them separately.
8. New York has one of the five richest neighborhoods in the country.
The Tribeca area is considered the richest area in the United States. According to tax returns, the median annual income here is $ 879.
The average home price in this area is at $ 3,5 million, but there are also more expensive houses - for example, where private Four Seasons residences are sold for about $ 30 million.
9. One New Yorker spends $ 51 a year on basic necessities alone
That's more than the average American earns in a year.
A New Yorker costs $ 4 per month. Expenses included in the calculation include housing, food, transportation, healthcare, other necessities and taxes, excluding savings or discretionary expenses.
On the subject: Housing, food, utilities, transportation: how much does life in New York cost
10. A family of four in New York must spend $ 124 per year on basic necessities
If you divide it, you get $ 10 per month.
11. Private preschools and kindergartens in New York cost up to $ 50 per year
The amount given by parents exceeds the cost of tuition at Ivy League universities such as Cornell, Harvard and Princeton.
Investment fund managers, celebrities and tech millionaires send their kids to Avenues: The World School, which costs $ 56 a year.
12. Multimillionaires are fleeing the city from high prices and in search of a better life
Only 2016 New York lost $ 8,4 billion due to the fact that the rich moved to live in other states. Wealthy youth do not stay long either. According to the study, New York City ranks first in the outflow of the wealthy.
