Study Confirms Living In NYC Is Really Expensive…duh!

A study from the Center for an Urban Future confirms that the middle class can no longer afford to live in New York City. They are leaving in droves to other cities like Houston or Philadelphia, also known as the sixth borough of NY. Philly is only about an hour and fifteen minutes away by Amtrak, but $70k a year in salary there is equivalent to to the standard of living of someone making $123,322 in Manhattan. Twice as many New Yorkers relocated to Philly in 2006 than in 2000. That’s probably why I keep my weekend place in the exurbs of Philadelphia. If you must know, I prefer Geno’s cheesesteaks over Pat’s.

 The number of residents that moved out of the city increased 7% from 2002, 151,441 residents in all. With rents rising every year and home heating costs up 243% since 1998 while wages have remained flat, I’m not surprised. If Wall Streeters and models can’t afford the $4000 monthly rent payment on their 500 sq. ft. studio apartments, how can the middle class? I moved out of Manhattan three years ago, when there were people other than Wall Streeters and models living there. Hey, if Philly is too far for you, there’s always Jersey. Oh, the horror.