It is the most populated city in the united states, yet it has the highest cost of living? So how are people affording to live there is my question! According to home prices you almost have to be rich to own your own place!
2007-07-23 16:20:53 · 10 answers · asked by Anonymous in Travel ➔ United States ➔ New York City
Not everyone in NYC is living a faboulous life. There are parts of the city that have property for people that have low-income; especially in Queens or in Brooklyn.
2007-07-23 16:25:51 · answer #1 · answered by Anonymous · 4⤊ 0⤋
1. Not everyone is living the fabulous life here; It is a city of extremes. For every person living in a penthouse in Trump Towers, there is a family of 8 crammed into a one-bedroom apartment in Queens or the Bronx. Unfortunately, the TV and movies don't show people that side of New York; so people are lead to believe that NY is full of riches.
2. It is not uncommon for people well into their 30s to live in a small one bedroom apartment with a roommate. It's the only place in the country where it is perfectly normal to be 38 and living with a roommate.
3. New York has a sink or swim attitude. It is also full of some of the most ambitious people around. Us New Yorkers know that if we can't afford to pay rent, we'll be kicked out and our landlord will have another person in their the next day. If you aren't paying your rent or doing your job the best you can, there are 100 other people out there that will take your place in a second.
Despite all of this, I still wouldn't live anywhere else. I might not be able to afford to live without a roommate, but at least I have access to the world 24/7. I think that's what keeps New York going.
2007-07-24 04:42:31 · answer #2 · answered by gopher646 6 · 6⤊ 0⤋
Remember that most people in New York City do not live in Manhattan (the most expensive part). The majority of New York City's population lives in the other four boroughs (Queens, the Bronx, Brooklyn and Staten Island) where housing is cheaper.
People with normal salaries (mid 5-figures) can buy co-op apartments.. Here in Queens where I live, you can get a 1-bedroom co-op in very nice neighborhoods like Kew Gardens in the $250K range with about $40K down and a mortgage, and still have a reasonable commute to Manhattan (1 hour or so by subway).
Not everyone can own a Trump Tower suite, New Yorkers find a way and make do.
2007-07-23 16:29:23 · answer #3 · answered by thddspc 5 · 4⤊ 1⤋
Everything is relative in New York.
The high cost of living and goods/services equates to generally higher paid salaries compared to the rest of the nation. For example, i will make probably $15K a year more in NYC doing what i do then lets say Kansas or the Southwest, etc. So we make more money, but that money generally goes to escalating housing costs.
But New York cost declines over time. Sometimes the city hits crisis and everyone leaves and thats when you see savy new yorkers buying up cheap property because within a decade, maybe less, the city will look nice again and the cost will increase.
So, in a nutshell, alot of people live here because either of low-income housing, they are wealthy, or they make enough money to justify the expense.
Again, its all relative to NYC economy
2007-07-24 00:42:37 · answer #4 · answered by Nooka 5 · 3⤊ 1⤋
People compromise on space (and to some extent privacy) to make it work here. I live in a tiny one-bedroom apt. with my partner; if we had stayed down South we'd be earning slightly lower salaries but still would likely have bought a modest house by now. Lots of single professionals in their 30's and even beyond are still living with roommates, b/c that makes NYC affordable for them and they feel it's worth it. In some immigrant communities of the city (as in other cities), it's common for extended families of 8 or more people to share a large apartment or small townhouse. The economics are all relative, as someone said above.
2007-07-24 01:00:06 · answer #5 · answered by Amanda 6 · 4⤊ 0⤋
Salaries are higher in NYC than other parts of the country. Also many women work, thus stay at home moms is not so common. So with a two-family income, NYC becomes affordable.
2007-07-24 01:22:36 · answer #6 · answered by mac 7 · 3⤊ 1⤋
It's been said, but I agree, don't get a car (you can get anywhere in the city for $2, why would you need a car?), and try living in the outer boroughs (Brooklyn or Queens, I'd suggest).
2016-05-17 04:15:27 · answer #7 · answered by ? 3 · 0⤊ 0⤋
the salaries are higher and not everyone owns an apartment or house, most people rent.
2007-07-24 08:07:56 · answer #8 · answered by pancake on my face 5 · 1⤊ 0⤋
In general NY'ers are hard working, dedicated people. They will do just about anything to accomplish their goals.
Ever hear of the phrase: if you can make it there (NYC) you can make it anywhere?
2007-07-24 01:52:07 · answer #9 · answered by joe s 6 · 5⤊ 1⤋
they go after their goals , and hopefully you will do the same ,
I'm sure you can , and will !
2007-07-23 16:28:53 · answer #10 · answered by klunk 4 · 0⤊ 0⤋