Apartment Buildings along the East River in New York, US, on Sunday, May 28, 2023. Rental prices are growing at nearly twice the rate of entry-level salaries, so young newcomers are doing "whatever it takes" to live the lifestyles theyve always aspir …
NEW YORK - Renters from every borough in NYC agree that prices are soaring and living spaces are shrinking, but a new study sheds light on just how tough it is.
A mere $1,700 a month, which might secure a fairly spacious apartment in most cities nationwide, barely gets you an area the size of a living room in the Big Apple.
A new study by RentCafe looked at October 2023's average rents by ZIP code in the nation's 50 largest cities.
It found that the average national rent of $1,700 gets you an apartment of about 944 square feet… except in New York City.
How little space does $1,700 get you in New York City? Well, in Manhattan's 10013 ZIP code, which covers TriBeCa and parts of Lower Manhattan, $1,700 gets you a measly 211 square feet. That's roughly the size of the average American living room, measuring 12 feet wide by 18 feet long.
Credit: RentCafe.com
Of the top 50 ZIP codes offering the least square footage for $1,700, a staggering 36 are in New York City.
Even more striking, of the top 10 most expensive ZIP codes with the least space for $1,700, nine are in Manhattan, with the tenth in Long Island City in Queens, offering a "spacious" 234 square feet.
Now, if space is what you're looking for, head to Memphis. In the city's 38108 ZIP code, $1,700 gets you a whopping 1,996 square feet of space, the most in the nation.
Credit: RentCafe.com
Coming in at #2 is Oklahoma City, whose 73127 ZIP code gives you just a few feet less space (1,993) for the price.
Among the 50 least expensive ZIP codes, 12 were in Oklahoma City, 11 were in Memphis, and seven were in Tulsa, Oklahoma.