Rental prices are up 30% since the outbreak of the pandemic. In America’s most expensive cities, the sticker shock is especially bad.
While the national median rent for a 1-bedroom is $1,487 per month, that figure rises to $4,280 in New York and $2,300 in Los Angeles, according to a recent report by Zumperreal estate data site.
CNBC Do it asked locals in their 20s and 30s living in New York and LA about how much they pay in rent – and whether they think it’s worth the money Here’s what they said.
New Yorkers are generally willing to pay more for larger space or amenities such as a private rooftop or gym. But even if their apartment checks off everything on their wish list, residents say they’re paying too much in rent.
Mia pays $3,500 a month for a 2-bedroom apartment in Manhattan that she shares with a roommate.
“I pay too much, but it’s a beautiful apartment,” she tells CNBC Make It. “It has two bedrooms, and we have a gym in the building, but to sure i spend too much of my salary on rent. It’s just crazy how expensive it is here.”
Outside of Manhattan, rent isn’t much more affordable. Shane pays $3,000 to rent a 650 square foot 1-bedroom apartment in the Bronx.
“I’ve got a lounge, a rooftop and a gym in my building … but there’s a lot of car break-ins,” he says. “I have a car, so I always looking out [onto the street]anxious, trying to make sure my car is OK.”
He says his rent is “definitely not worth it.” But he appreciates the facilities, his five minute walk to the subway, and how convenient it is to get into Manhattan.
“If I lived there [Manhattan]I’d probably pay $4,000 to $5,000 for what I have now,” Shane said. “So, that’s the best I could get in New York City.”
LA attracts ambitious people who hope to make it big, and Angelenos are willing to pay a premiumto be in on the action.
Christopher pays $1,700 for his apartment in a walkable neighborhood. It’s a good price for LA, he says, but “compared to where I moved in Nashville, I was definitely getting more bang for my buck [there].”
However, paying to stay in LA means advancing his music career as a songwriter and producer: “There are always trade-offs.”
For others, the peace of living alone is worth an expensive rent.
Hannah, who is in her late 20s, says her $2,850 monthly rent is 100% worth living alone in a spacious one-bedroom. Her unit comes with a washer/dryer, permitted street parking, and easy access to Runyon Canyon for frequent hiking.
“It’s obviously very expensive to live alone,” she says, but being able to do that “changes your mental and emotional stability.” [state]. I’m just happier in my own safe environment.”
It doesn’t need a lot of space either. Maggie pays $2,087 for a studio apartment. “The bed is separate from the kitchen, and that’s all I need,” she says.
Many people are willing to pay even more. Bree, 24, lives with her boyfriend, who pays nearly $8,000 for a four-bedroom unit with a dishwasher, three patios and a manicured lawn.
“I think it was worth it,” she says. “Technically, it shouldn’t be that big,” but “it’s LA. It’s expensive out here.”
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2024-05-10 14:02:15
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