Why is this one in my apartment? Real estate classes at a fraction of the cost?
Real estate is one of those rare commodities that can seem like it is the most expensive thing in the world.
Yet it is not, according to a study published Tuesday by real estate agents, with a median rent of $1,965 per month for one-bedroom apartments in a typical New York City apartment.
The study, by RentBusters, found that the median rent for one bedroom apartments in New York State was $1.9 million, according the National Association of Realtors.
The average rent for two-bedroom apartment in Manhattan was $2.5 million.
Rent for two bedroom units in Brooklyn was $3.4 million.
The median rent in Los Angeles, the study found, was $5,900, while the median rents in San Francisco, Miami and Dallas were $5.4 and $5 million, respectively.
In the study, the median rental price of a two-bedroom apartment in New Orleans, which has a median income of $41,700, was the same as the median income in New Jersey, the lowest in the country.
The analysis found that of the 20 most expensive cities in the United States, the top 10 most expensive rent districts were located in the top 20 most unaffordable places to live.
The study found that New York, Chicago, San Francisco and Boston were the most unafforable places to rent in the U.S. with median rent prices of $2,890, $3,950 and $3 million.
In a statement, RentBuster said the study shows the affordability of renting is a key factor in determining the cost of living.
“Rent prices in the New York metro area are consistently among the highest in the nation,” the statement read.
With prices well above the national average, renters are paying the price of the housing crisis.”