Lawrence00
Senior Member
I don't think they get paid double or triple than the rest of the country.
How do people afford New York City?
- Thread starter Lawrence00
- Start date
Oldeagle66
Senior Member
I wonder that myself. Maybe family sends money to help. My friend sends her mother money every month to help with her rent. I couldn't imagine moving from somewhere I'm paying rent to somewhere I can't.
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
It’s a problem or challenge in many places in this country and around the world.
I’ve read about areas in the western ski resorts where they are building subsidized housing to accommodate middle income folks like school teachers, firemen, etc… because the cost of housing is so high.
It wouldn’t be worth it to me to live in such places but I’m sure that many lower income people make do with multiple roommates, public transportation, two jobs, etc…
IMO the free market system eventually sorts these things out and rents reflect the ability to pay. That’s not to say that many people will face financial hardships while that process plays out.
I’ve read about areas in the western ski resorts where they are building subsidized housing to accommodate middle income folks like school teachers, firemen, etc… because the cost of housing is so high.
It wouldn’t be worth it to me to live in such places but I’m sure that many lower income people make do with multiple roommates, public transportation, two jobs, etc…
IMO the free market system eventually sorts these things out and rents reflect the ability to pay. That’s not to say that many people will face financial hardships while that process plays out.
Oldeagle66
Senior Member
Yes, those are the NIMBY (not in my back yard) areas. The people want the resorts, but not the low income citizens working in them.
OneEyedDiva
SF VIP
- Location
- New Jersey
Good question Lawrence. When I see the house hunting shows featuring NYC apartments, often high end, I find them to be like a sick joke. People are willing to pay exorbitant prices to live in what I call "closets". I can't get past the fact that many units are in concrete jungles, with no trees or flowers in sight. Thee are some places here in Jersey that mimic NYC prices, or are damned close...like Hoboken, Jersey City, Weehawken and Ft. Lee, mostly for units that have views of the Hudson river.
officerripley
Well-known Member
- Location
- Porlock, Calif
Yeah, I think that explains why some are in such a hurry to get robots working; then they would no longer have to deal with the ol' ickypoo low income citizens working those jobs now. (Sometimes I wonder why the very upper classes don't realize what would happen if they really were able to get rid of all the lower-than-them classes & replace with robots: who they gonna look down on and feel superior to then?
What I have learned about "affordable housing" in this rural area...
The federal government, during covid, granted $500,000 to this small (pop 2100) town. Some of that had to be used for affordable housing. The house behind me (where I lived at that time) was a small 2-bedroom bungalow, sorely neglected for years, was purchased by an investor/home builder. He applied for funding assistance; did some work on that house, including building an office and small apartment for himself in the very large garage. He called it "affordable" housing.
He rented it out to two unrelated individuals; note there is one kitchen and one bathroom, which they must share. Basically, it is a roommate situation. EACH of these two people pays $1,000/month rent. And the owner now has a small apartment and office from which he can operate his business. Had this house been rented as a single family residence, the rent would probably have been around $1,200/month. He worked The System. The people who now live there are trashing the place, mostly in alcoholic stupors.
I see from the Town Hall Minutes a few months ago that he has also applied for a zoning change to build a 3-4 unit duplex on the adjoining lot, also to be called affordable housing.
As soon as I heard it was to be affordable housing, I sold my house. Three years later, the buyers have sold it. Houses all around it are now up for sale. I wonder why? I am glad I moved out of town when I did. Yes, NIMBY.
The federal government, during covid, granted $500,000 to this small (pop 2100) town. Some of that had to be used for affordable housing. The house behind me (where I lived at that time) was a small 2-bedroom bungalow, sorely neglected for years, was purchased by an investor/home builder. He applied for funding assistance; did some work on that house, including building an office and small apartment for himself in the very large garage. He called it "affordable" housing.
He rented it out to two unrelated individuals; note there is one kitchen and one bathroom, which they must share. Basically, it is a roommate situation. EACH of these two people pays $1,000/month rent. And the owner now has a small apartment and office from which he can operate his business. Had this house been rented as a single family residence, the rent would probably have been around $1,200/month. He worked The System. The people who now live there are trashing the place, mostly in alcoholic stupors.
I see from the Town Hall Minutes a few months ago that he has also applied for a zoning change to build a 3-4 unit duplex on the adjoining lot, also to be called affordable housing.
As soon as I heard it was to be affordable housing, I sold my house. Three years later, the buyers have sold it. Houses all around it are now up for sale. I wonder why? I am glad I moved out of town when I did. Yes, NIMBY.
JustDave
Well-known Member
If rent were the only factor affecting the high price of New York living (which it is probably not), One would not need to make three times as much to live there. He would only need an additional two or three thousand a month to cover the additional cost of normal rent. Although $5,000 rent does boggle my mind and would keep me from living there. But I would rather live in the woods, anyway. For people where living in New York is worth the advantages, it might even be within my reach. But then I may not be able to afford to do the things that New York has to offer.
mike4lorie
SF VIP
- Location
- Brockville, Ontario, Canada
I think the whole world is out of control... rents, money, trades, everything, but I know the topic is rent...
My cousin just started to rent an apartment in Ottawa for $3300 a month, plus utilities... I have NO idea how anyone could afford that... scares the h3ll out of me.. and cannot think where it will be when I can't take care of my home anymore...
We are still on 68% of the wages we made in 2008 when we had the car accident, and lost everything. I am hoping when it comes time to retire in another year, the monies will be better... But on my 2008 salary, we won't get very far...
Just can't believe the prices of everything nowadays
My cousin just started to rent an apartment in Ottawa for $3300 a month, plus utilities... I have NO idea how anyone could afford that... scares the h3ll out of me.. and cannot think where it will be when I can't take care of my home anymore...
We are still on 68% of the wages we made in 2008 when we had the car accident, and lost everything. I am hoping when it comes time to retire in another year, the monies will be better... But on my 2008 salary, we won't get very far...
Just can't believe the prices of everything nowadays
againstthegrain
Senior Member
- Location
- Sun Valley, ID
People have to commute, sorry. Like many others do for 30 years or 40 years.
OTOH, the airbnb wave that's eliminated 90%+ of the rental properties in my area has limited opportunities for many middle class people to live "in town".
Lawrence00
Senior Member
I have seen jobs listed in NYC and the money was not big. My apartment is what I used as the comparison 2 bedroom 2 bath with washer/dryer. My apartment is slightly upscale from other apartments in St Charles County Missouri but not by a huge amount. Additionally, I can see my parked vehicle from my bedroom windows with a nice tree lined view behind it. There is a well maintained green grass and landscape area between the buildings. Free small gym at the clubhouse along with summer swimming pool and free keurig coffee. Apartment maintenance is top-notch. For new tenants, these rent for $1520, and in fact those are brand new construction.
jujube
SF VIP
There are so many places (hello California!) where the rent and property values are, frankly, out of contrast with the income. Sure, the income is higher....but THAT higher?
mediumapproach
New Member
The B folks are screaming their 2 story apartment windows out on 59th street because of wall cracks, etc, etc. The corporate yups have taken over Harlem, SoHo and everything within a mile of Barclays. Most of the Nimby's are relocating to Northern Nassau County. Everybody else is holding down 2 jobs plus overtime.
Lawrence00
Senior Member
Sounds like a fun place to live
horseless carriage
Well-known Member
This small spit of land that juts out into Poole Harbour is known as Sandbanks. It is the top spot, breaking the record as the most sought after and expensive place to live in the world after a bungalow on the exclusive seaside resort sold for £13.5 million.
North Haven Point on the Sandbanks peninsular.
The exclusive waterside property, which had been in the ownership of the Hooker family for over 117 years, was purchased by local business man and entrepreneur Tom Grainger for £13.5 million. With a floor space of just 2,909 sq ft, this equates to £4,640 per square foot making it more expensive than homes in Monaco, London, New York and Hong Kong.
Check out the link, the modesty of the home will surprise you, given it's sale price.
hearlady
Homebody
- Location
- N Carolina
That's why they're waiting for the robots to come mainstream.
Lawrence00
Senior Member
Babs2u
Senior Member
The old rules may not apply.
DaveA
Senior Member
- Location
- Coastal Massachusetts, USA
Seeing the reference to "middle class people", - - - - what income level (or total wealth) are we talking about ? "Middle class" seems to have quite a wide range of actual dollars .
OneEyedDiva
SF VIP
- Location
- New Jersey
For the amenities you have, apartments here in N.J. would be considered luxury apartments. Once they are labeled that way, the rents will be higher. Here are some examples...the top picture is in Hoboken and like the Jersey City apartment, it's several blocks from the water. The Weekhawken apartment is waterfront. No way in hell I'd pay those kind of rents without a water view. These were listed on Apartments.com and don't represent the average rents in N.J., but as mentioned previously, rents in these places are similar to NYC prices.
Oldeagle66
Senior Member
Way to high, where I live $1400 is luxury with all the amenities.
David777
Well-known Member
- Location
- Silicon Valley
Such rental numbers always distort reality. Those are current market rates for people looking for rentals and not what long term residents in rental units on average are paying. Generally, landlords will raise rents of long term renters towards market rates but generally if one is a good tenant, that will often be well below the monthly or lease rates for those looking for a residence in tight markets.
Each time a property changes tenants, a landlord has extra expenses for upkeep and cleaning. The period a unit is unoccupied available, is also a loss. One of the worst issues with renting properties, are the many inconsiderate people that damage units. So, I would expect there are plenty of people in NYC that say have been living in a rental unit for 5+ years that pay significantly less than market rates.
Each time a property changes tenants, a landlord has extra expenses for upkeep and cleaning. The period a unit is unoccupied available, is also a loss. One of the worst issues with renting properties, are the many inconsiderate people that damage units. So, I would expect there are plenty of people in NYC that say have been living in a rental unit for 5+ years that pay significantly less than market rates.
Oldeagle66
Senior Member
Definitely, I've been in my apartment for 14 years and treated very nice. It's really affordable still while I'm seeing newer tenants paying twice than I do.