New York City is known as the capital of the world. This means that it has one of the most expensive housing on earth. Not only is finding a house in New York difficult but it takes away much of your savings. New York is known for its competitive house rates. The spaces are also crammed leave alone the fact that you have to commute to work through the metro stations. However, a recent article by the New York Times revealed that if you know where to look and how to act, you might get the chance of getting the best deals in the city. To get an apartment that is less that $1500 a month, you will have to compromise on many things like living with a roommate or living in a neighborhood that will greatly inconvenience you with your work schedule.
In a recent survey, it was revealed that many people living in New York are cost burdened. This is a term used to describe people who spend more than a third of their salary on rent. There is a trend in the size of the apartments reducing with an increase in the number of people moving into the city. The shrinking is meant to make housing affordable. Most people in New York make an annual salary of $56,350 putting their monthly rent at $1409. This is not the real case in places like Manhattan where you have to pay an apartment for $3,475 meaning that you should have an annual income of $139,000 to support such kind of rent.
A former commissioner at the department of housing in New York acknowledged that people’s salaries have stayed flat while the rent of houses has skyrocketed. He expressed concerns for graduates moving into the city in search of jobs. For instance, a graduate in finance should expect a starting salary of about $70,000 while their counterparts in arts and entertainment are in a fixed position earning $30,000 annually.