Manhattanites are paying average yearly apartment
rent of over $41,000, based on average rentals for May reported by Crain's New York Business, citing brokerage firm Citi Habitat data.
That makes current mortgage payments--before property taxes--on a single
family home in the suburbs seem almost insubstantial.
Here's how the yearly apartment rent
breaks down by number of bedrooms:
"For studios, as well as for two- and three-bedroom units, rents in May rose 4% to $2,065, $3,920, and $5,246, respectively," says the article. That translates
into annual rents of $24,780, $47,040, and $62,952.
"Rent for one bedrooms gained even more, 5%, to hit $2,810,"
notes the article. That's the equivalent of $33,720.
The average annual rent, based on the average monthly
amount for May reported in the article, totals $41,256.And Manhattan apartment dwellers don't get to deduct part
of their monthly housing payment from their income taxes. Wow!