This morning, the New York Times ran an interesting article on the prices we pay to live in the greatest city in the world. The paper's economics reporter discussed the price in New York City of a pair of "sensible, unstylish walking flats" ($480), an oatmeal-raisin cookie ($4 each), a Jean-Georges chef's menu meal ($198) and so on, including the price of residential real estate in her Upper West Side neighborhood. She pays $2,500 a month in rent for a one-bedroom apartment -- no doorman.
While these prices would make many people in most parts of the country woozy, New Yorkers complain about the high cost of living here, and then pay up. The reporter's contention is that we're not paying abnormally high costs, despite those sky-high price tags. She notes that "the typical resident here pays roughly the same share of her income in rent as does her counterpart in Los Angeles, Chicago, Philadelphia and Houston, according to N.Y.U.'s Furman Center for Real Estate and Urban Policy."