Thursday, July 12, 2007

An Unexpected Cost of Living in NYC

There are many costs to living in the one of the greatest cities in the world. With the cost of a 1 BR apartment in Tribeca going for $9500/mo to a $2 million dollar for a 2 BR/2 BA apartment, just making ends meet won't allow you to be a part of such a thriving metropolis. Add to that the cost of maintenance which could easier be over $1200/mo on top of your mortgage and you have to make a whole heck of a lot of money if you want to live there. That is, of course, if you're unwilling to live in the seedier and scarier parts of town.

When I lived in Manhattan, I lived on the northernmost tip of it in a neighborhood called Inwood. I had a regular sized 1 br apartment and paid only $1100/mo in rent. Sure, I didn't live anywhere near the happening places of the island. I was next to 2 major subway lines and I was within walking distance of Manhattan's oldest park that also housed Columbia University's Crew team. While it wasn't the safest area in town, there were far scarier neighborhoods in Manhattan than mine.

However, if you live anywhere south of 125th Street, you could find yourself paying an astronomical amount of money every month for rent and a whole lot more for a mortgage. It wouldn't be surprising to pay over a million and a half dollars for a 1 BR or converted studio apartment. So it isn't too much of a stretch then to read an article where one parking spot in the Chelsea section of Manhattan is going for $225,000 just to have a place to park your car. Here is an interesting news article about the high cost of parking spots in NYC and other major metropolitan cities where land is expensive because most of it is owned by other people.

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