Is the tri-state area overpriced?

2/9/2009:

Are we really “immune?”

new-york-tri-state-area-is-very-overpriced.jpg

Recently – the NY Daily News had an article that detailed how costly it is to live in New York City.

While they didn’t mention Hoboken – I’d presume, since Hoboken has long been touted as the “Sixth Borough,” that similar costly rents and other associated expenses are still demanded and expected here.

What are your thoughts? I feel that if this trend continues, the “flight” out of NYC and Hoboken will continue at a steady pace – at least till the economy recovers.

You need to earn six figures to make middle class

Some quotes, facts and figures from the NY Daily News Article:

The study, released Thursday by the Center for an Urban Future, shows that New York City is hands-down the most expensive place to live in the country.

  • A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
  • In Manhattan, a $60,000 salary is equivalent to someone making $26,092 in Atlanta.
  • You knew it was expensive to live in Manhattan, but Queens? The report tagged Queens the fifth most expensive urban area in the country.
  • The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.

Sure – we don’t live in Manhattan, but it still makes you wonder…

Leave a Reply

41 Comments on "Is the tri-state area overpriced?"

Katie_Scarlett
Member

[quote comment=”135020″] Do I have to tell you everything?

:mrgreen:[/quote]
Obviously!

jscirish27
Member
jscirish27

Yes, because you don’t clean a cast-iron skillet with a scrub brush. Somewhere Paul Prudhomme is rolling in his grave (oh, wait, he’s not dead yet). Do I have to tell you everything? :mrgreen:

Katie_Scarlett
Member

[quote comment=”134985″]The things that we actually need in life are out-of-reach for many but we are swimming in useless crap. [/quote]
By useless crap, would you happen to mean a cast iron skillet scrub brush? 😆

RUHOBO
Member
RUHOBO

MR, I guess your missing my point. I’m sure your not going to be able to buy in the elite area in Houston making 50k just like your not going to able to buy the elite area in NYC for 123k. The Houston area is affordable but I’m sure there are areas that are reserved for the big hitters. This is true for any market that’s why they used avgs. BTW, in nyc it’s not even about how much money you make but how much money you have. Most co-ops required you to have x amt of money after you close and they don’t let you finance more than 80% (some even less).

jscirish27
Member
jscirish27

Almost everything is overpriced (except for cheap consumer electronic goods and processed foods). The things that we actually need in life are out-of-reach for many but we are swimming in useless crap. God Bless America.

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