While New York City trails other cities around the country in terms of residential buildings planned or under construction, 7,000 new apartments in Manhattan alone are on the drawing board or currently being built!
We have had discussions in the Hallmark Abstract Service blog before that touched on the high cost of living in a NYC apartment whether it’s rental or purchase, particularly in the borough of Manhattan.
Yesterday we looked at a further complication for apartment hunters, particularly recent college graduates, due to the stranglehold that’s being put on their housing-eligible income in the form of outstanding student loan debt (Student loans and living in NYC don’t always mix!).
‘For young people, moving to New York City hasn’t made much mathematical sense for decades. The jobs don’t pay enough, the internships don’t pay at all, and the rents are prohibitive by any sane standard.
But now add a new economic fact of life to that list: soaring student loan debt. More students are taking out bigger loans than ever before, and in the last 10 years alone, education debt tripled, reaching over $1 trillion. A record number of college students are graduating knee deep in a financial hole before they begin their adult lives.‘
And while it is likely that much of the new development will not be particularly affordable, this interactive map presents what is going on in the Big Apple!