The Proof – New York City Rental Index

“Where do you live? Oh New York, great. But probably very expensive, isn’t it?” That’s a typical phrase I’m hearing every so often while talking about the current city I live in. And it’s true, it is expensive. But most people don’t realize how expensive it really is. Why? Because talking about cost of living also means talking about relativity. For instance, just a couple of weeks ago a friend of mine was visiting from Zurich, Switzerland. And he surprisingly said, “Oh, it isn’t really that pricy I’ve supposed it would be.” Of course it isn’t, coming from Switzerland with a paycheck three times as much as an average New York City salary. But most people who have to make a living with a decent job in town struggle with the tremendous cost of living. As a proof just take a look at the current rental index below. Almost §3.000 for a decent One-Bedroom-Apartment is ridiculously expensive. And it explains very well why New York City is probably the capital of shared apartments.

I’ve never encountered more people, outside of a student community, living with roommates. It’s the only way to deal with the upscale rent at least in Manhattan. Except you are a fellow of Gordon Gekko. A couple of month ago I had the chance to talk to one of these legendary Wall Street bankers. And he told me frankly, that the spooky salaries you sometimes hear of are not part of a conspiracy theory. It’s the truth. Their salaries range actually from 300 to 350 thousand Dollars a year after graduating from a notable business school. But honestly, even for this amount of money: Who wants’ to work in this kind of boring industry. “Where do you live” is probably an important question. But the more important one is “what do you live for”, isn’t it?

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