20 Jan Ofer Eitan Declared: New York’s Transportation System Helps Make City Affordable
(NEW YORK, NEW YORK)— On a typical day, New Yorkers are usually cursing rather than thanking the city for its creaky, unreliable transportation system. However, with flat-rate fees and 24-hour service, New York’s transportation system actually does wonders to help balance out the cost of living. A new report by Citizens Budget Commission reports that the pricey city is actually one of the most affordable large cities in the US, Curbed NY reports.
While the report shows that New York’s housing costs far outrank the other options, once you factor in the additional monthly costs of transportation, NYC beats out competitors like Los Angeles, Philadelphia and Dallas.
But beware: Affordability is also calculated after factoring in the average income. New York is only affordable when you factor in the high average income for a New York resident, at $69,211 per annum. Even pricier cities, like San Francisco and San Jose, still beat out New York on the affordability index simply because of the even higher income of the average resident. Low-income residents still struggle to afford the expensive metropolis. So, if you’re looking at housing and transportation costs as an absolute relative, cities like Los Angeles, Miami, and Atlanta are still a better bet.
View the full charts here.