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The way many of you feel about NY is the same way some person from Iowa feels about Chicago. They think you have to be rich to live there, when you don't. They can't fathom why would anyone want to spend $1,000 a month on a small one bedroom aprtment in Lakeview when they can get a three bedroom house in Des Moines for the same price.
Not really... You can easily measure the affordability of an area by comparing income levels to cost of living, and New York is way out of whack compared to most of the world. London is worse. It's hard to ink out a living in New York these days, even with high-income jobs.
Not really... You can easily measure the affordability of an area by comparing income levels to cost of living, and New York is way out of whack compared to most of the world. London is worse. It's hard to ink out a living in New York these days, even with high-income jobs.
excuse me sir, don't those who work in london in new york make more money in comparison to those who work in other cities in their respected countries? so instead of paying $1000 a month rent, they pay $1500 a month in new york. but instead of making $32,000, they make $40,000!
Not really... You can easily measure the affordability of an area by comparing income levels to cost of living, and New York is way out of whack compared to most of the world. London is worse. It's hard to ink out a living in New York these days, even with high-income jobs.
It depends on where you live in NY. If you live in the city in the East Village yes, you could easily spend $2000 on a very small apt but then again if you live in the lower east side which is not the best area but certainly not the worst you can get an apt for 800.00 more or less depending on your income in most places. There are many places in Queens or Brooklyn that are not too far outside of the City that are very resonable (meaning $900 - $1000 for a 1 to 2 bedroom apt) you just have to search as with anywhere else. I have been looking for an apt in Chicago in countless areas and can not seem to find anything for less 1,300. I guess it also depends on the area you are looking at.
excuse me sir, don't those who work in london in new york make more money in comparison to those who work in other cities in their respected countries? so instead of paying $1000 a month rent, they pay $1500 a month in new york. but instead of making $32,000, they make $40,000!
You just proved his point by using an example of a 50% higher rent but only a 25% higher paying job.
It depends on where you live in NY. If you live in the city in the East Village yes, you could easily spend $2000 on a very small apt but then again if you live in the lower east side which is not the best area but certainly not the worst you can get an apt for 800.00 more or less depending on your income in most places. There are many places in Queens or Brooklyn that are not too far outside of the City that are very resonable (meaning $900 - $1000 for a 1 to 2 bedroom apt) you just have to search as with anywhere else. I have been looking for an apt in Chicago in countless areas and can not seem to find anything for less 1,300. I guess it also depends on the area you are looking at.
Where are you looking in Chicago? And where are you talking about in NY?
I've never heard of any two-bedroom apartment in New York - I'm from New York, by the way - that's not in a ghetto (and I mean ghetto, not like a gentrifying part of Bed-Stuy or something) for less than $1300-$1400. And nearly all of those are railroad-style apartments, where you have to walk through someone else's bedroom to go to the bathroom at 2AM.
What kind of apartment are you looking for in Chicago? You can definitely get a one-bedroom in a nice area for under $1,000, sometimes well under - sure you won't be in Lincoln Park or the heart of Lakeview, but it's still nice.
I love New York, and I do think some people tend to overstate how expensive it is - I agree with a previous poster who noted that you can get most things cheaply there, with the notable exception of rent. But the rents are pretty wacky.
But the point is valid. Most incomes in New York do not make up for the cost of living increases.
If I moved to New York and got similar job to the one I have now, I would make 10-20% more, but to replicate my neighborhood (amenities, safety etc.) I'd need to make 30-40% more.
But the point is valid. Most incomes in New York do not make up for the cost of living increases.
If I moved to New York and got similar job to the one I have now, I would make 10-20% more, but to replicate my neighborhood (amenities, safety etc.) I'd need to make 30-40% more.
I'm not bashing New York. New York is probably my favorite American city. I'd pick New York over Chicago if (1) my family lived out there, and (2) I made a lot more money. I like the fact that I own a home in Chicago, can save money for retirement and vacations, and will be able to afford raising kids here without sacrificing too much lifestyle. I couldn't do this in New York.
To point out the salary discrepancy, I used to work for a large architecture firm that had a large presence in New York and Chicago. Starting salaries straight out of school were only about $10K higher in New York, which doesn't exactly come close to making up for the cost of living difference. This is an important factor in deciding where to live!
I've known a lot of people who have moved to New York, Los Angeles, or the Bay Area that just couldn't save any money or build a future there. The cost of living can be staggering. Chicago ain't cheap either compared to the rest of the country, but it's just a little bit easier to get ahead here.
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