Buying an apartment in NYC can feel like a Sisyphean task for those of us not ensconced among the one percent. And the reason for that is relatively simple, says Bloomberg Business: The city's not building enough new housing to keep up with population growth. (Not to mention the fact that in NYC, most new developments are very high-end, anyway.)
According to research conducted by Zillow, for every 1,000 new residents in New York-Northern New Jersey, there are fewer than 400 building permits.
The database firm also found that in New York and Northern New Jersey, renters spend over 40 percent of their incomes on housing; and owners pay nearly 30 percent.
No big surprise there. It makes sense if you think about it in terms of supply and demand. Apartment supply is low, demand is high and prices are high, too, as a result.
But not all big cities are in as much trouble, according to the research. Chicago, by contrast, issued 906 permits for every 1,000 new residents. And there, renters "only" spend 31 percent of their incomes on housing and owners 14 percent.
So, Chicago it is then? According to Expatistan, you'll not only save on housing, but also on food, clothes, and transportation but not, curiously enough, on entertainment. But with winters as brutal as theirs, who wants to go out, anyway?