New York City Rent Prices Are Skyrocketing


Across the country, Americans are seeing their living costs surge like never before.

Just this month, the Labor Department revealed the United States inflation rate reached 9.1%. This comes as the Biden administration continues to downplay

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the severity of inflation, amid pushing for more spending bills.

One public survey after the next shows that living expenses are very problematic for everyday Americans. Inflation continues to grow at a rate many times faster than wages.

In communities that were already expensive, to begin with, the sting of inflation runs very deep. One prime example of this is New York City.

A deep dive into life in New York City

Aside from dealing with a unique set of crime issues, rent prices continue to go far beyond what most New Yorkers can afford.

In Manhattan, for instance, the average monthly rent cost shakes out to about $5,000 each month. That’s not counting utilities and other baseline bills that come along with living.

A report from real estate agency Douglas Elliman shines a light on what’s happening here. For one thing, demand remains higher than supply, thereby making the New York City market tip in favor of landlords, rather than renters.