New York City is currently the most expensive city in the United States. In Manhattan, the average 2 bedroom apartment (between 1000-1200 feet) can average approximately 1.2 million dollars.
Even in the outer boroughs such as Brooklyn, the average 2 bedroom (between 1000-1200 sq feet) can average approx. 500K.
In terms of rental, a $2000- $3000/month equals a decent 800 sq feet apartment with a flushable working bathroom.
One reason why prices are so high is because, the best jobs are concentrated in Manhattan. As a result everyone tries to live really close to Manhattan to ensure a reasonable commute. Given the fact that many New Yorkers (Wall Streeters and non-Wall Streeters) work 60-80 hour weeks, the commuting time becomes extremely important. When you're burning the midnight oil, the last thing you want is a 2 hour drive home.
Also, because the U.S. dollar was so low, many Europeans sought to buy up real estate in New York, keeping the prices very high.
So yes, a six figure salary looks like a lot of money on paper, but in reality, it really depends on where you live. A six figure salary may buy you a lot of nice things in one place, but in NYC, it can buy you a lot of scratchy toilet paper.
Hey, but it's better than being in London, where 2 movie tickets cost $30-40.
There is an error in this article. SRI is not located in Palo Alto, it's in Menlo Park. In fact it is directly across the street from Menlo Park city hall.
Even in the outer boroughs such as Brooklyn, the average 2 bedroom (between 1000-1200 sq feet) can average approx. 500K.
In terms of rental, a $2000- $3000/month equals a decent 800 sq feet apartment with a flushable working bathroom.
One reason why prices are so high is because, the best jobs are concentrated in Manhattan. As a result everyone tries to live really close to Manhattan to ensure a reasonable commute. Given the fact that many New Yorkers (Wall Streeters and non-Wall Streeters) work 60-80 hour weeks, the commuting time becomes extremely important. When you're burning the midnight oil, the last thing you want is a 2 hour drive home.
Also, because the U.S. dollar was so low, many Europeans sought to buy up real estate in New York, keeping the prices very high.
So yes, a six figure salary looks like a lot of money on paper, but in reality, it really depends on where you live. A six figure salary may buy you a lot of nice things in one place, but in NYC, it can buy you a lot of scratchy toilet paper.
Hey, but it's better than being in London, where 2 movie tickets cost $30-40.
Ivy