As Average Monthly Living Costs Rise, the Option to Sell Your Used Car in NYC Looks Better
You know the current cost of living in New York is out of control when a new development in Brooklyn Heights is selling parking spaces for more than a quarter-million dollars.
In fact, the Center for an Urban Future – a New York City think-tank – released a study recently showing how tough it is for middle-class folks to remain in NYC given the exorbitant average monthly living costs.
The numbers are truly staggering and, according to this report, New York City’s middle class is being forced to greener, cheaper pastures. I discussed a few cost cutting strategies in my last post and found that selling your used car in NYC can significantly lighten your cost of living in New York City – maybe enough to keep city-living affordable.
Average Monthly Living Costs In Other Cities Are No Match For NYC
The Center for an Urban Future’s “Reviving the Middle Class Dream in NYC” report is chock-full of jaw-dropping stats and figures. Perhaps the most striking thing is the difference between the cost of living in New York City compared to other metro areas.
The Daily News had a great list of examples comparing metro areas against living costs in NYC:
- A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
- In Manhattan, a $60,000 salary is equivalent to someone making $26,092 in Atlanta.
- Everyone knows it’s expensive to live in Manhattan, but the report tagged Queens the fifth most expensive urban area in the country.
- The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.
The report also closely compares the difference in average monthly living costs between Manhattan and Houston. The results are just as troublesome for the NYC middle class. Someone moving from Houston to Manhattan would pay:
- 68 percent more for groceries;
- 447 percent more for housing;
- 54 percent more for utilities;
- 22 percent more for transportation; and
- 38 percent more for health care
Report also indicates that those who sell their used car in NYC would mean huge savings
The Center for an Urban Future also took a look at auto insurance rates in NYC. They solicited quotes for a 37 year-old married male driving a 2006 Toyota Corolla with no accidents in the previous 5 years and a spotless bill payment history. Here’s what they found:
An individual with the set of characteristics noted above would pay $880 a year on New Dorp, Staten Island; $1,040 in Co-op City, the Bronx; $1,140 in Maspeth, Queens; $1,250 in Bensonhurst, Brooklyn; and $1,310 in Inwood, Manhattan. In contrast, the rates would be $450 in Atlanta; $610 in Washington, DC, $640 in Chicago, $840 in Houston and $920 in Philadelphia; the Bensonhurst resident would pay between 36 percent (Philadelphia) and 178 percent (Atlanta) more for the same policy.
The bottom line is that you spend far more in NYC as a vehicle owner than you would elsewhere. Selling your used car in NYC makes sense as a middle-class resident. As this report demonstrates, the current cost of living in New York is much too high and eliminating not only insurance costs, but car payments, maintenance and repair bills, and gasoline costs would save you a bundle.
Sell Your Used Car In NYC And Cut Your Average Monthly Living Costs
The numbers tell the whole story. It’s expensive to live in New York City and the current cost of living in New York shows no sign of slowing. But this is our city and a great place to call home. Yes, the cost of living in New York City is high, but with Big Bucks Auto you can sell your car in NYC with no hassle and at a fair price.