The Shocking Truth Behind Why New York City is So Expensive: An Eye-Opening Video Investigation

What’s going on everyone I hope all is well! For today’s video, I wanted to try to understand for myself and explain why NY is so expensive? There are a few reasons why NY is as expensive as it is and although it might not make sense to a lot of people especially outside of major cities, I wanted to provide some rationale in case you were curious yourself and perhaps help you decide if it really is worth the cost. Job Market So before anything at all, most people come to NY for work. Of course there are things to see and such that I’ll get to later but in most cases, you’re only going to be able to enjoy these extra things in NY if you have a job that allows this (to some extent). Of course some jobs will pay way more than others, but the idea here is that coupled with the cost of living (in some cases) and of course the role and your skillset being offered to a company, you’ll be paid in accordance to what the role pays in NY and especially relative to how much it costs to live in your particular state. Now, the idea of remote work has introduced an intriguing proposition though for people who were already living in NY, but now realize they could live in a much less expensive area, but maintain their current salary. Some companies have unfortunately looked at this as a way to lower people’s salaries like I mentioned earlier was that part of an inflated salary had to do with be in a city where living is equally as expensive. Either way you look at it, if you live in the same city that the second most billionaires live in the world (Beijing being number 1 by 1 person ironically enough) you have to imagine this will trickle down to the costs of everyone else Rent/Living Costs Now coupled with the Job market always in demand (especially considering the pay in certain industries), this directly relates to how much you’re going to end up paying to rent an apartment So the majority of this video thus far has referenced Manhattan but in terms of rent prices going up, across the 5 boroughs over the decades, they’ve only gone up But in Manhattan, there are a lot of higher profile neighborhoods such as Hudson Yards and Tribeca that are some of the most expensive ones in the city, this in result trickles down to all the other buildings in the surrounding neighborhoods even if they don’t offer the same amenities and are just quite frankly, old And don’t think this doesn’t translate to costs such as a cup of coffee either, the next time you’re in one of these fancier neighborhood and go into one of these boutique styled coffee shops, take a look at the price and size of the cup and remember you’re just paying for hot water and coffee grounds at the end of the day In 2020 and early 2021, there was actually a period of time where living in NY was more feasible than in years past due to everyone leaving in droves because of well, you know. But in 2022, and the latter part of last year, prices have gone right back up which is really sad in many ways. Last year I was looking at a 2 bedroom apartment in Bed Stuy Brooklyn for 2150 (already crazy expensive for most people not familiar with the rental market in NY) but that same apartment recently rented out for 2900 in just a few months time. Now this doesn’t mean that there aren’t areas well you could find a more “affordable option” to live in, but the thing with NY is that compared to most other places in the country and the world for that matter, your money will not get you what you expect to pay for but rather, you’ll need to compromise and keep telling yourself that living in the greatest city in the world is why you’re here……good luck with that! Things to See and Culture Now another selling point is that you’re living in the “greatest city in the world” will all there is to see and experience. Now there are a lot of things to experience but living in NY is different than visiting on vacation for example. You do have the likes of museums, restaurants and shopping that are unique (in some ways) to other cities in the world, but for those living in the NY, you’re almost paying like a hidden secret fee that your apartment is in the same city as all of these glorious things. Is it worth living in NY Depending on your situation, sure! There is a lot of interesting pros to Manhattan such as higher salaries and things to experience. However, if you’re living elsewhere making a comfortable salary and living in a nice place, it might be wise to really think about why you’re thinking of moving and if those pros will really outweigh the cons of bing in the big apple! Other Channels! Instagram: https://www.instagram.com/isaacxquinn...