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Sunday, July 11, 2010

NYC Rents on the Rise

This week I was reading an article in The Wall Street Journal that stated rent is rising in Manhattan and the quarterly vacancy rate is at the lowest for the first time in 3 years. Although this is a little bit upsetting (my lease is up soon and I was hoping to bargain pricing) I can't help but feel like I am still spending too much money on rent. I researched on the internet and it seems like the common rule is to allocate "33% of monthly earnings" towards housing. I am definitely spending more than that but I feel like living in New York City is a unique experience and cannot be compared to normal costs of living to anytown, USA etc.

Growing up in New York has unfortunately given me the attitude that "nothing else compares" to the big apple because there is something magical about it. So, if my rent increases, I still want to stay in my doorman building. I love being within a 5-block radius of: 3 different subway lines, a Trader Joes, a million different types of restaurants, a nail salon, a hair salon, a Home Depot, a park, shops and not to mention I still enjoy the fabulous view from my rooftop! I have to splurge a little sometimes.

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