New York is now officially the most expensive city to live in. It recently edged out San Francisco, which for a while was holding the record for the U.S’s priciest apartment rentals. A report recently released by Zumper it shows that the average apartment in New York is $2,810, while in the Bay Area is about $2,800. (Okay, okay, so it's a very narrow margin—they're both incredibly expensive!)
During the pandemic, both cities took a major hit to their rental rates as many people left their apartments to escape strict lockdowns. However, due to the vaccine roll out in more recent months, New York has shown impressive signs of recovery; rental rates have gone up by 19.6 percent since last year. San Francisco's, meanwhile, have only gone up by 5 percent.
With back-to-school and return-to-office dates coming up in the near future, these rental rates will likely continue to rise, not just in New York and San Francisco but also in many other popular cities around the U.S. Another city the report mentions as showing a healthy amount of growth in terms of the housing market is Austin, Texas. Two cities around the Austin city area, Pflugerville and Round Rock, have seen rent growth at around 17 percent since last year.
Though these rising rent rates are promising for America’s overall economy, it may put many who were already struggling at the start of the pandemic in an even deeper financial rut. Close to 11 million people are behind on rent, with the average person $3,700, according to a document by the National Income Housing Coalition.
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New York Is Now Officially the Most Expensive City to Live In, According to a New Report - HouseBeautiful.com
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