This is because NYC’s rent prices are 37.91% higher than LA and 79.99% higher than Chicago. So how affordable is it to live in New York City? Compared to Los Angeles and Chicago, NYC isn’t very affordable to live in. In these cases, both of NYC’s boroughs have a higher rent cost and a smaller apartment space. In comparison, Los Angeles’ average rent is $2,524 with an average apartment size of 792 sqft and Chicago’s average rent is $1,943 with an average apartment size of 749 sqft. Manhattan’s average rental cost is $4,208 with the average apartment size of 703 sqft and Brooklyn’s average is $2,951 and average apartment size is 651 sqft. This is due to the high rental costs along with high cost of living. It’s no surprise that living in NYC can take a lot out of your wallet. New York City is one of the most expensive places to live with above average housing costs, but the NYC affordable housing lottery is one option if you are looking for budget-friendly rentals.
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