Apartment sizes in Manhattan have increased in size, according to a study, but despite new rental possibilities in the borough, they are still the smallest living spaces in New York City, according to a study. study published by RentCafe.
It must be taken into account that the average rental price reached the maximum in its history last January with an increase of 13%, which represents the value of $5,142 dollars. In 2022, the same study found that the median rent would be $4,097, according to the Real Estate firm Douglas Elliman. Rent Cafe affirms that despite this increase in size that apartments in Manhattan may now have, it is still relatively smaller than the apartment in Queens and Brooklyn, NBC New York reported.
In that sense, an average apartment in Manhattan is now with a construction of 740 square feet and a value of around $5,000 dollars, while an apartment in the same condition on Long Island has a value of $3,859 dollars.
Not only the cost of rent has risen in New York, RealtyHop, a real estate site, published during the month of February that the real estate market in the Big Apple is distinguished by its high prices and few offers. The median home purchase price in the city is trading at $840,000.
Even so, the website points out that a one-bedroom home can cost from $315,000 to $725,000.
High cost of living in New York
In March 2020The Economistpublished a poll that found that 35% of New Yorkers lamented the high cost of living in the state and 41% in New York City, the most expensive in the United States. “The cost of living in New York City is 26% higher than the state average and 95% higher than the national average (…) New York is 258% more expensive than the United States average,” says RentCafe when doing an apartment search in the Big Apple.
During January 2020 before the pandemic hit, Staten Island Republican Councilman Joe Borelli said that both immigrants and native New Yorkers are fleeing or bypassing New York because it has become unaffordable.
In addition, a study by the real estate firm Zillow singles would be paying an average of $ 19,500 dollars more in all districts per year for a room, compared to someone who lives with a partner in the same area. In Manhattan, this figure rises even higher, to $24,000, making it the most expensive city to be single.
The high cost of living would be causing an “exodus from the city”. A census conducted in early 2023 the number of black residents has decreased by more than 125,000 in the past 20 years, a drop of more than 6%. In this study, the researchers also noted that New York’s housing crisis is fueling endless disputes over affordability and whether more should be done to preserve housing for those with the lowest income levels.
On the other hand, immigrants, along with a natural increase in births over deaths, generally offset the exodus of domestic migration from New York. But foreign immigration has also plummeted. According to various international media outlets, the immigrants, mostly Venezuelans, are leaving the city due to insecurity and better living conditions.