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I dont know how much you know about Chicago. But I am quite familiar with the city. Lincoln Park is a desirable area in Chicago and you can find apts there for $1100.
The range is wide. You dont see that in Toronto. Hard to find anything below $1000
In Boston/Cambridge, $1000 will get you half a studio. In a 100+ year old building. With no A/C. And no parking. And that's actually a bargain when compared with SF.
In Boston/Cambridge, $1000 will get you half a studio. In a 100+ year old building. With no A/C. And no parking. And that's actually a bargain when compared with SF.
That's expensive by NA standards. How do people on lower incomes survive?
That's expensive by NA standards. How do people on lower incomes survive?
I live in Boston and pay about $2000 for a studio and it's nothing fancy. Boston is right up there after NYC. Likely similar to SF and parts of DC in terms of cost. Chicago and Toronto are much cheaper in comparison. To answer your question, people with lower income don't live in the downtown neighborhoods - simple as that. Most commute from outter areas, get roommates, or find tiny places in old buildings in town. There are also so not so nice neighborhoods that people can rent for cheaper as well. The rent sounds high but incomes are also much higher and compensate for those that live downtown and pay up. Boston is one of the wealthiest cities per capital in the US or by world standards so there is a lot of money here. For e.g., in my profession, I easily make 30% more than my classmates I graduated with at UFT 10 years ago. I'm not even counting equity perks either. Another factor is that land is limited. There is an unofficially ban on tall glass towers to preserve the historical charm of the city - this restricts suppy a lot although they are starting to build more in certain districts around the core. People also buy a little later in life here too I find. People seems focused on other things in there 20s/30s and don't rush to buy.
Last edited by johnathanc; 10-15-2014 at 09:11 AM..
I live in Boston and pay about $2000 for a studio and it's nothing fancy. Boston is right up there after NYC. Likely similar to SF and parts of DC in terms of cost. Chicago and Toronto are much cheaper in comparison. To answer your question, people with lower income don't live in the downtown neighborhoods - simple as that. Most commute from outter areas, get roommates, or find tiny places in old buildings in town. There are also so not so nice neighborhoods that people can rent for cheaper as well. The rent sounds high but incomes are also much higher and compensate for those that live downtown and pay up. Boston is one of the wealthiest cities per capital in the US or by world standards so there is a lot of money here. For e.g., in my profession, I easily make 30% more than my classmates I graduated with at UFT 10 years ago. I'm not even counting equity perks either. Another factor is that land is limited. There is an unofficially ban on tall glass towers to preserve the historical charm of the city - this restricts suppy a lot although they are starting to build more in certain districts around the core. People also buy a little later in life here too I find. People seems focused on other things in there 20s/30s and don't rush to buy.
That makes a lot of sense. Lack of new tall buildings and high incomes are the drivers for high rent in Boston. Like you said, Chicago is much cheaper in comparison and quite comparable to Toronto in terms of rent.
Rent is cheap where? Not sure what you are talking about. If you are saying that NYC rent vs Toronto rent is not comparable, then yes, you are right!
Toronto rent is cheap compared to rent in alot of big US cities, even compared to Seattle actually. It's purchasing that's expensive, but rent is actually very reasonable. Certainly, compared to Boston, Toronto's gotta be a steal.
Toronto rent is cheap compared to rent in alot of big US cities, even compared to Seattle actually. It's purchasing that's expensive, but rent is actually very reasonable. Certainly, compared to Boston, Toronto's gotta be a steal.
Learning about Boston's high rent was surprising for me. NYC, yes, most know that the rent is high. Seattle and SFO don't surprise me either. But there are plenty of "big" American cities where rent is either the same or cheaper than Toronto. Chicago/Minneapolis definitely fall into that category. Cities in Texas tend to have very low rent ....
Learning about Boston's high rent was surprising for me. NYC, yes, most know that the rent is high. Seattle and SFO don't surprise me either. But there are plenty of "big" American cities where rent is either the same or cheaper than Toronto. Chicago/Minneapolis definitely fall into that category. Cities in Texas tend to have very low rent ....
Boston has one of the highest salaries in North America or possibly the world, and is a major center for hedge funds/law firms/tech companies. There is no surprise rent is high there.
Plenty of American cities where rent is cheaper? Hardly, unless you think Houston or Dallas (those cities which sprawl endlessly) are comparable just because population happens to be similar.
Boston has one of the highest salaries in North America or possibly the world, and is a major center for hedge funds/law firms/tech companies. There is no surprise rent is high there.
Plenty of American cities where rent is cheaper? Hardly, unless you think Houston or Dallas (those cities which sprawl endlessly) are comparable just because population happens to be similar.
Chicago, Minneapolis, St. Louis .... there are many. Dont even have to go that far south.
It's really just the east and west coasts of the US that have high rents, and incomes. Everything else drops off a lot.
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