That figure is according to recent beancounter news. The average cost for a modest one-bedroom apartment there is $3,500 a month. For the past two decades, rents and other living costs there have gone up at the rate of 10% a year. In some choice Manhattan areas, the increases have been 20% annually.
Sadly, there’s no end in sight to greedy inflation in NYC and other major US cities. It all brings back memories of downtown living during my late 1940s student days. Three guys in my college class and I needed a place within walking distance of the Philly Museum College of Art.
We found a tiny, fourth-floor walk-up, one-bedroom apartment five blocks away from the college. The monthly rent for the downtown unit was $50, so we each had to shell out the enormous sum of $12.50. Plus, because we were all vets of WW2, each received free tuition and $100 a month from Uncle Sam.
With all that spendable cash, we lived almost as lavishly as some of today’s brain-challenged students in their expensive city apartments. Those with rich parents who pay multi-million-buck bribes to get the idiot kids into and graduate from college.