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The Cost of Rent in NYC is Ruining Everything
More young people than ever are boomerang babies.
We go off to college only to come right back home and live with our parents again. It’s an epidemic of my generation.
But why are kids “boomeranging” back to mom and dad?
The price of rent is too damn expensive.
I live in New York City, so this shouldn’t come as a surprise. About 75% of my friends my age (mid-twenties) are still living at home. Aside from one friend who’s a Software Engineer, another who’s originally from Connecticut, and a third who splits costs with her boyfriend, all my friends are living at home with their parents.
The number one reason I’ve heard is because it’s easier to save money that way. With rent prices in NYC upwards of $2,000 per month (even with roommates), it’s no wonder that young people can’t afford it.
A good rule of thumb is your monthly rent should be no more than a third of your gross income. So if your gross income is $5,000 (which is a solid salary at $60k a year before taxes), your rent should be $1650 maximum per month.
