The cost of living in megacities, like New York, is getting out of control — even for the ultrarich, with some multi millionaires expected to leave New York City in 2020. In the last few years, New York has lost $8.4 billion because residents—many who are wealthy bankers— are moving to other states. New York's pricey real-estate market is a major factor, and it's so expensive that many buyers are opting for more economical basement apartments, rather than ones with a view.
New York state is also outrageously expensive. A study found that workers making the state's median hourly wage of $21.63 need to work an average of 76.16 hours a week just to live comfortably. New York is continuously ranked as one of the most expensive states in America, with CNBC ranking it as the third-most-expensive, so it's no surprise that it is also home to one of the country's most expensive cities.
A survey from Manhattan Institute found that two in five New Yorkers said that they would leave the city if they had the ability to live anywhere they wanted. Those most able to afford New York City are the most willing to stay, such as those with more education and higher salaries who seem to be satisfied with the status quo. The desire to leave is especially strong amongst outer-borough residents, with minority ethnic groups who are dissatisfied supporting a host of policy reforms.
The most popular attributes of New York City were also the ones that were most threatened by the Covid-19 pandemic. The Metropolitan Transportation Authority (MTA) is popular, but faced a financial crisis from an unprecedented drop in ridership. Nearly a third of New Yorkers still see it as a city of opportunity, though one in five are unemployed.
Most #NYC residents say that public safety is good to average, but shootings and murders are beginning to increase after a decades-long decline in serious crime. Many New Yorkers support more choices in education, such as selective public schools. Amid cries to defund the police, New Yorkers still want uniformed officers engaging in community-based policing.
Overall it can be said that New York is not worth it for most people. Life in the city is tough for almost all of its residents - rent is extremely high and traps many in living situations where they must work extremely hard to maintain their existence.
New York City might be worth, it if you are young and make over $100k a year at job that you enjoy. There is a lot to see, do, and enjoy for such individuals. Even for those such people, staying in the city is inadvisable for more than a few years - life is better elsewhere.
