Shocking Report: NYC Is Expensive

The Center for an Urban Future has released a shocking report which reveals that it's expensive to live in New York City.

You knew it was tough to live in New York City — but this tough? A new report shows just how ugly — and expensive — New York City can be, especially for the middle class, squeezed by skyrocketing living costs and stagnant wages. The study, released Thursday by the Center for an Urban Future, shows that New York City is hands-down the most expensive place to live in the country. Among the findings:

*New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
*In Manhattan, a $60,000 salary is equivalent to someone making $26,092 in Atlanta.
*You knew it was expensive to live in Manhattan, but Queens? The report tagged Queens the fifth most expensive urban area in the country.
*The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.

“Income levels that would enable a very comfortable lifestyle in other locales barely suffice to provide the basics in New York City,” the report concludes. Other belt-tightening details include:

*New Yorkers paid about $34 a month for phone service in 2006. In San Francisco, similar service cost $17 a month.
*Home heating costs have jumped 125% in the past five years and are up 243% since 1998.
*Full-time day care costs can run up to $25,000 a year for one child, depending on the neighborhood, or about as much as some college tuitions.
*Meanwhile, wages in the city have remained mostly flat in all boroughs but Manhattan — even during the boom years from 2003 to 2007.

NYC has experienced some population loss in recent years from folks seeking cheaper digs, but that has slowed with the current economic situation.