Rental prices across the Big Apple are increasing at nearly twice the rate of entry-level salaries, and young newcomers are doing “whatever it takes” to live the lifestyles they’ve always dreamt of.
Take Macy Hung, who is living the New York City dream on TikTok. At just 21, the California native has a job in beauty marketing and lives in a penthouse overlooking the Brooklyn Bridge.
But she has four roommates, works 10 hours a day, has side hustles and spent $1,500 to move into the apartment.
“I knew things were expensive in Manhattan, but it’s my dream to live in the city,” said Hung. “If you’re not making six figures, it’s hard to get by.”
Living in New York has always required sacrifices for those just starting out. But as rental prices grow at nearly twice the rate of entry-level salaries, the current crop of college grads are having to get creative financially.
Today, NYC renters need to earn more than $135,000 to afford a typical apartment on their own, according to StreetEasy. That’s the highest necessary base income in 16 years, assuming that they spend no more than 30% of their income on housing.
Some recent graduates who can’t bolster their entry-level earnings with the “bank of mom and dad” are embracing a “whatever it takes” attitude, which can mean taking on several roommates to live in a prime location or finding side gigs to cover the costs.
The burn-out factor can discourage them from moving to the city altogether, or send them packing for home after just a few months.
City officials are aware of the problem, but little is being done to bring rent prices back down.
For now, hustling tennis shoes on TikTok may be the only solution.
Bloomberg
