The Cost of Living in New York City

By: Bakhtawar Bhurgari

If there is one thing New Yorkers can unite on, it’s the high costs of living – and it seems to be pushing younger people to reconsider living in New York City as they worry about life post-grad. 

Aidan Marcano is a 20-year-old SFC student who moved to New York City to achieve his dream of playing professional hockey. Marcano lives with his uncle, and although he is thankful for family support, he wishes for the opportunity to live an independent life. But juggling school expenses, hockey, and work that pays minimum wage has put living independently out of the question. 

“I’ve thought about moving out of my family’s home, it’s something I’ve wanted for a while, but the rents are so high I can’t afford to make that change,” Marcano said. “Even after I graduate, I will not be making enough money to be able to have a place of my own.”

The cost of renting in New York City is growing exponentially, putting the average tenant in financial trouble and wanting to relocate. According to a report by Douglas Elliman and Miller Samuel, the average monthly rent in NYC has hit nearly $5,600. With record-high rents and the median New Yorker being low-income, some young professionals who were once lured by the ideal NYC lifestyle are admitting that as expenses roar, the city is losing its luster, and they are questioning if the struggle is worth it. 

“Even if I lived with roommates, I would have to pass up on investing in myself which means extreme budgeting on food and other essentials,” Marcano expressed. “I would also have to give up playing hockey part-time. You need time and money for everything, and to live alone in NYC, I’d have to sacrifice what I want most.” 

A recent report by the Community Service Society finds that more than half of New Yorkers are considered “rent burdened”, a term coined by the federal government to describe that the average individual is spending at least a third of their income on just rent.

The root of NYC’s rent crisis can be traced to the pandemic, which gave rise to the work-from-home movement, inflation, and rising interest rates. Landlords were forced to cut rent prices to extreme lows when the pandemic caused a mass exodus, but all those NYC expats came flooding back and the city is attracting more young professionals than ever before. As housing demand increases and interest rates surge to combat inflation, landlords and the real estate market have no option but to pass the increased costs of maintenance and expenses to the tenants. 

New York City remains one of the biggest attractions for young people and recent grads as they strive for career opportunities in the big city. However, the inflated rental prices are proving to be especially painful for the younger generations who are more likely to rent, have lower incomes, less money saved up, and student loan burdens. 

In the city that never sleeps, the relentless costs of living are casting shadows on aspirations, prompting an entire generation to ask – is the struggle really worth it?