Rent Prices Are Getting Ridiculous In New York State
Inflation is getting hard to handle in so many ways for so many people. From gas prices to the price of groceries, things are getting harder to afford all over! Perhaps your family has cut out some things or found ways to save money? That would be very helpful, especially if your rent or mortgage payments start to skyrocket.
Here in New York State, we are used to added fees and taxes and high prices. But the current rise in rent for some residents in the Empire State has gone crazy.
According to reports, for the first time, the average rent for an apartment in Manhattan is above five-thousand dollars a month. That's a nearly 30-percent increase from one-year ago. The average price for a three-bedroom apartment climbed to 94-hundred-69 dollars a month, over two-thousand dollars more than a year ago.
Think about that! These are the AVERAGE prices! There are some who are paying way more than that. I have some family in the Manhattan area and the apartments are really nice. But for what you pay a month for an apartment, you could own a HUGE house in other parts of New York State. Our mortgage for a house is $1200 per month and we have two acres and a pool in a great school district. But in areas like Manhattan in New York City, it is all about demand and, like anything else, if someone is willing to pay for it the prices are not going to change and in the current economy it may only get worse.