New York City has always been known for having a high cost of living. But, a new report shows just how expensive living in the city can be. The people who are having the worst time of it are the middle-class, who are forced to deal with rising living costs and wages that aren't increasing.
The study was done by the Center for an Urban Future, and it shows that New York City is by far, the most expensive place to live in the country.
Here are some of the things they found:
- A New Yorker would have to earn $123,322 a year in order to have the same standard of living as someone who lived in Houston or Phoenix.
- In Manhattan, a $60,000 salary offers the same standard of living as someone who made $26,092 in other cities.
- Even in Queens, the situation isn't much better. It is reported to be the fifth most expensive city to live in.
- The average rent in New York City is 58% higher than San Francisco, which is the second most expensive city to live in.
- Full-time day care can run up to $25,000 in the city for one child, which is almost as much as a year of college tuition.
Even though Manhattan is the most expensive place to live, for most New Yorkers, and even me, the city is easy to fall in love with. For most, the thought of living anywhere else just doesn't make sense. So, when you live in the place you love it is worth almost any price tag.
What do you think about the high cost of living in the city? Let me know in the comments.
Are you looking for a job in the Manhattan area? Be sure to visit ManhattanJobs.
By Melissa Kennedy- Melissa is a 9 year blog veteran and a freelance writer, along with helping others find the job of their dreams, she enjoys computer geekery, raising a teenager, supporting her local library, writing about herself in the third person and working on her next novel.
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