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- New York City has a reputation for being one of the most expensive cities in the world.
- New York City’s high cost of living is due to its booming economy and large job market across a variety of industries.
- Rents in the city are reaching historic rates and 1.5 million New Yorkers are living in poverty.
- Visit Business Insider’s homepage for more stories.
New York City is known for its high prices and its wealthy residents, and that’s in large part due to the city’s booming job market.
New York City has the world’s largest urban economy, reported Steve Goldstein for MarketWatch, citing an Oxford Economics report. In 2018, the city saw its biggest economic boom in 70 years, according to Kirstan Conley for the New York Post. The securities, healthcare, technology, media and business, and tourism-related industries are fueling job growth, she wrote.
As a result, New York City consistently ranks on top 10 lists as one of the world’s most expensive cities to live in. Rents in the city are on their way to historic rates, and 1.5 million New Yorkers are living below the poverty level.
Here are 13 mind-blowing facts that show just how expensive New York City really is.
1. Some NYC residents are shelling out millions to live in basements, where they can get more space for their money.
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"As prices continue to decline in the luxury market, developers are keen on maximizing every square foot, including below-grade space, while buyers seek out bargains in a supply-heavy market," reported Stefanos Chen for The New York Times.
One buyer told Chen she bought a 2,100-square-foot, two-bedroom underground duplex on the Upper West Side for $2.3 million — twice the size of her place in Williamsburg, Brooklyn. The smaller apartment above her was listed for roughly $1 million more, she said.
2. New York City is the world’s only city with more than 100 billionaires.
Brendan McDermid/Reuters
New York City has 105 billionaires, according to Wealth-X’s 2019 Billionaire Census report. That’s more billionaires than nearly every country in the world, besides the US, China, and Germany.
3. The typical rent in New York is $3,400 — twice the typical national rent.
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The median rent price in the US is $1,700.
New York is the third-most expensive city in the world to rent a two-bedroom apartment. Battery Park City is the most expensive neighborhood to rent in Manhattan, with an average rent of $5,603.
The average New York rent is about 82% of the median American salary, Stephanie Taylor reported for Markets Insider.
See the rest of the story at Business Insider
See Also:
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- The 21 most influential cities in the world
- 8 ways millennial parents are using their kids as status symbols
SEE ALSO: 13 mind-blowing facts that show just how expensive San Francisco really is
Source: Business Insider – hhoffower@businessinsider.com (Hillary Hoffower)