The Posts article shows an example of cubicle sized apartments with annual rent of $27,960 and financial advisers recommend spending no more than 30% of income on rent. After a few years that is a lot of lost money. And "So those clamoring for it should ideally earn at least $90,000 a year. The average salary in New York City is only $69,182."
Ugh - as an employer of young adults and a parent, trying to teach my kids that overpaying for an apartment just isn't worth it. Invest in Real Estate! 10-20% down on a $300,000 property (apartment or house) in an area that is booming, with a better quality of life you can invest in an asset, gain equity, and have appreciation.
I recommend Charlotte, but there are many growing areas. I wish someone guided me to do this when I was a 20 something!
Read all about it - https://nypost.com/2022/06/22/crazy-nyc-rental-market-fuels-lines-to-see-tiny-apartment/
