- The cost of living inNew York City keeps going up, and it’s causing people to leave.
- According to amarket report released by the real-estate brokerage Douglas Elliman, the median rent for a studio in Manhattan in July and August was $2,700.
- And, in June, Brooklyn’s median face rent hit anall-time high of $3,000 a month.
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Regardless of the size of their apartment, renters in Manhattan are bound to spend a not-so-pretty penny.
According to amarket report released by the real-estate brokerage Douglas Elliman, the median rent for a studio in Manhattan in July and August was $2,700. That number, asBloomberg reported, is the highest its been since June 2008.
Read more:NYC rents just hit a 3-year high, and the city’s prices are pushing everyone from millennials to wealthy Wall Street bankers away
AsBusiness Insider previously reported, one year’s worth of rent in Manhattan is more than three-quarters of the country’s average annual salary, which is $47,060. Even in Inwood, the cheapest neighborhood in Manhattan, the average monthly rent is more than $1,600.
But Manhattan isn’t the only borough seeing outrageously high rents.
In June, Brooklyn’s median monthly face rent hit anall-time high of $3,000. To put the extremity of that price into perspective, nearly 80 years ago, the cost of rental housing in most places inBrooklyn ranged from$20 to $49 a month— that translates to around just $350 to $700 in today’s dollars.
The high cost of living is driving people out of the city
New York City’s sales market, like its rental market, is also outrageously expensive. In fact, prospective buyers who earn the city’s average annual household income of $62,000 must save $3,100 per year for36 years in order to afford a 20% down payment on a median-priced home, which, as of June, is $558,000.
And the wealthy are feeling the heat too.
According to aSmartAsset study, New York is the No. 1 state richmillennials are moving away from. The study, which defined rich millennials as people who are younger than 35 with an adjusted gross income of at least $100,000, found that 14,915 of them moved out of the state from 2015 to 2016.
Business Insider’sKatie Warren previously reported that wealthy New Yorkers looking to avoid the city’s high taxes can save more than $1 million by moving to Florida.
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