We all know that living in New York City is expensive, but is it unaffordable? New York City real estate website StreetEasy recently asked 1000 people across all 5 boroughs in a blind survey all about affordability and moving plans, and found that half thought the City was unaffordable. Here are some more key findings from the survey:
- 57 percent of New Yorkers would recommend life in NYC, particularly millennials and homeowners.
- There is a dissonance in the perception of New York housing costs: Nearly 1 in 2 think New York is unaffordable, yet few feel that way about their own home.
- Despite rising housing costs, more than 1 in 3 plan to move in the next year. Most residents are considering moving neighborhoods; few are considering leaving their borough.
- Millennials are most likely to exceed their budget for housing in NYC. They’re also the most likely to consider purchasing a home in the next year.
- New Yorkers prioritize safety and access to public transportation in a neighborhood, and price and space in a home. Luxury amenities like doormen and in-building gyms have no impact on most New Yorkers’ choice of homes.
- More than 1 in 3 New Yorkers cite the high cost of living as a top reason they would leave; the desire for a bigger home and home ownership also rank highly.
Check out the full report for more analysis on any of the charts, and on the state of affordability in New York City.
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