Here’s why major cities may still be worth their high cost of living

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  • The cost of living in major cities has soared amid inflation in rent and groceries.
  • Economists say cities provide important social and business connections that can increase your productivity.
  • Two years after the pandemic began, renters are back, but many travelers haven’t as companies negotiate return details at the office.

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Many renters believe a cost crunch is brewing in America’s major cities.

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New York City is showing up as a hotspot for rent inflation. According to Jumper, the median rent for a 1-bedroom apartment in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from a year earlier.

There are sudden, double-digit rent increases at other centers, including Chicago, Los Angeles, and Austin, Texas. Jumper data shows growth is particularly strong in Sun Belt cities like MiamiWhere rent rose to $2,700 a month in May 2022, up 64% from a year earlier.

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During the pandemic, workers left America’s biggest cities.
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Two years in, renters have returned, but many travelers haven’t as companies negotiate return details at the office. Public officials are concerned about the drop in transit ridership in cities like New York.

Ed Glaser, an economist at Harvard University, says that in the age of remote work, cities are becoming more important – not less. “When you zoom in to work, you miss the opportunity to see people who are older, to see what they’ve done and learn from them,” he told CNBC in an interview.

But for renters, a return to increasingly expensive cities can seem like a raw deal, especially if they can do their jobs from home.

Researchers say remote work limits firms’ ability to train new workers. Data produced by Microsoft’s workforce suggests that remotely in-depth information sharing is more difficult, which can produce silos within the rank and file of companies.

“A lot of these tech companies, they’re saying you can work remotely,” said Andra Ghent, a professor of finance at the University of Utah. “But, you know, in a lot of cases, they’re also saying, like, we’re not going to pay you the same amount.”

Watch the video above to find out if the major cities are still worth it.

Credit: www.cnbc.com /

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