“There is nothing you cannot do, now you are in New York”, sings Alicia Keys in her song “Empire State of Mind”. There is nothing you can’t do in New York. In these times of inflation, however, this line is likely to have lost its validity.
For example, there are rents. As early as 2020, the cost of living in the city was 15% higher than the US average. The pandemic and inflation have pushed prices up again, so much so that rents in Manhattan have risen by 26 percent to around 4,200 euros a month and apartments in many parts of the city are only accessible on a six-figure annual salary. .
Inflation pushes young professionals to leave New York
Especially for young professionals who want to advance their careers in the Big Apple, the soaring costs are a disaster. Many of them earn less than their more experienced competitors and also have to back tens of thousands of dollars in student loans.
“I have no savings and that scares me,” Georgia Bubash told Bloomberg. The young woman from Pittsburgh has lived in the metropolis since she graduated in 2019 and worked in the advertising industry. Enjoying life in New York, sometimes going out to a restaurant – Bubash was denied this due to her high cost of living. “I pay so much every day and it’s not up to what I’m supposed to get,” Bubash said.
Suddenly the rent cost 515 euros more per month
He paid 1,850 euros a month for his apartment in Chinatown. When her landlord suddenly increased her rent by € 515 a month, it was over for her. She pulled the rope and went back to her hometown. “New York is at a low point. It’s no longer the place to be, “says the disappointed young professional.
Taya Thomas had a similar experience, where life in the metropolis with its quaint Greenwich Village, Central Park and original nightlife options initially seemed like a dream. “There is a magic in New York that made me feel like I was going to be there forever,” the project manager tells Bloomberg. “But I’m at an age where I had to be realistic.”
In Miami, a whole new world has opened up for Taya
And the reality was often far from picturesque. Despite an annual income in the six-figure bracket, Thomas has gone from one salary to another. The search for an apartment with an office room for his work in the home office turned out to be extremely difficult. The admission that he simply couldn’t afford an apartment was even more bitter.
Out of curiosity and without ulterior motives, the 23-year-old then started looking online for apartments in Miami. There, a whole new world opened up for her: apartments with their own washers and dryers, rooftop pools and other indoor amenities that she could never afford in New York.
Then, in February, Thomas made a decision and moved to Florida. Not only does he save almost an eighth of his income there: thanks to the lower costs, he can also invest money and pay off his student loan.
Small towns are gaining popularity
Against the backdrop of these fates, it doesn’t seem surprising that the number of young professionals hired in New York City has dropped by 30 percent since the spring. This is what LinkedIn business expert Kory Kantenga calculated.
Instead of New York, the younger generation would now be drawn primarily to Austin, Texas, Chattanooga in Tennessee, or Raleigh-Durham-Chape Hill in North Carolina – all affordable cities that experienced a real boom during the pandemic. Daily life isn’t just much cheaper than in New York. Cities can also score in terms of safety and work-life balance.
When it comes to careers, it seems like young professionals don’t want to focus exclusively on New York anymore. “They’re romantic waiting tables while auditioning for a Broadway show or show, but you have to be realistic,” Ania Holland tells Bloomberg. She once tried to build a musical career in the Big Apple and took on several part-time jobs. She now she is making her dreams of her in Berlin come true. A logical consequence for her: “I do not recommend burnout”.
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