A new report shows just how ugly — and expensive — New York City can be, especially for the middle class, squeezed by skyrocketing living costs and stagnant wages.
The study, released Thursday by the Center for an Urban Future, shows that New York City is hands-down the most expensive place to live in the country.
Among the findings:
- A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
- You knew it was expensive to live in Manhattan, but Queens? The report tagged Queens the fifth most expensive urban area in the country.
- The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.
“Income levels that would enable a very comfortable lifestyle in other locales barely suffice to provide the basics in New York City,” the report concludes.
- Home heating costs have jumped 125% in the past five years and are up 243% since 1998.
- Full-time day care costs can run up to $25,000 a year for one child, depending on the neighborhood, or about as much as some college tuitions.
- Meanwhile, wages in the city have remained mostly flat in all boroughs but Manhattan — even during the boom years from 2003 to 2007.
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