New York City is named the most expensive city to live in the US, although it's only Top 6th globally, according to a new report by Economist Intelligence Unit (EIU).
The cost of living in Manhattan is a whopping 154% higher than the National average.
It's not a surprise that New York City leads the pack as the most expensive city in the United States in 2021. The city, with a population of 8.8 million, also lands Top 6 on the lists of the world’s most expensive cities.
Supply-chain problems have contributed to price rises, with the COVID-19 Pandemic and social restrictions affecting production and trade across the world.
People relocating for work or business and moving to the Big Apple, or simply a flock of vacationing tourists are affecting factors in the continuous increase of the cost of living in the Greatest City in the world.
NYC's high ranking was also attributed to its rich diversity and culture, as well as its world-class tourism & hospitality, and art scene; with 95% of New Yorkers agreeing that there's always something to see or do in the city that never sleeps.
According to the real estate platform StreetEasy, the major increase in rental prices is not just a reflection of an economy rebounding, but more so landlords attempting to “make up for time and money lost during the pandemic’s lull by raising prices and erasing discounts"...
A dramatic turnaround for New York City's rental market after a downturn in 2020, NYC rents in 2021 are racking up as high as 70 percent.
Needless to say, New York is ridiculously expensive to live in.