Everybody wants to come to the “Big City of Dreams”. New York City is the place where everything happens and being here is the only way to make it happen. Living here is amazing but… Is it really affordable? Forbes just released a list of the 500 most expensive tip codes in the United States. Five of the Top Ten spots belong to neighborhoods in New York City!
There are quite a few high-end nabes in the Big Apple. The Upper East Side is obviously on that list. Lenox Hill and parts of Greenwich Village, Soho, and Nolita are also on that list. The homes in these areas run a median price of $6.3 million while the Upper East Side sees a median price of over $90 million.
They are beautiful properties and boast amazing views of the city but one has to ask… Who can afford these prices? There are quite a few people in the City that can more than afford the rent. What kind of jobs do they do? Where do they come from? These are valid questions that people are asking. For the out of towner coming to the City for their big break, this is a hefty price tag to pay to live. And while some people are paying rent and not buying, the price tags on rentals are just as high. How are people supposed to live instead of just work to survive? New York City used to be able to accommodate everybody. Now it seems to only be a place for the rich, slowly but surely squeezing out the middle and lower classes.
People are grinding hard to get what they have and maintain it. It will be interesting to see how these prices and neighborhoods shift in the coming years. Check out the entire list of expensive neighborhoods via Forbes Magazine here.