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I was going to share my POV but then all of you had to sound ridiculously smart in your little back and forth 🤓 and it’s probably over my head so….
🚪 ………. 🚶🏻♀️
I’m personally paying 30% more on rent, at least 25% more on groceries, 50% more on Ubers, and tons more on dinners and delivery!
Sure but my comment still stands regardless. Plus this note is in the article you linked:
NOTE: Area indexes do not measure differences in the level of prices between cities; they only measure the average change in prices for each area since the base period.
The area in the data is also massive compared to 5 boroughs:
The New York-Newark-Jersey City, NY-NJ-PA Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania
30% more on rent? That sounds like you signed a 1 year market lease which mean that the increase rent you are paying is basically the market driven price pre Covid.
When my prior lease ended this time last year I knew the low rents were not going to be forever, so I signed a 2 year rent stabilized lease in full service building.
Food costs are about there but I also cook a lot.
I would also add in the macro sense, NYC has a more diverse economy than other cities and is usually resilient with outside market forces.
I believe it. Can’t comment on rent (I’m fortunate enough to have locked in a Covid deal), but groceries, food, etc. don’t really seem that much higher.
Rising Star
My rent is going up 25% because Covid deal is ending, but it’s just a reversal of the deflation I experienced the year before when my rent decreased 20%.
NYC has a lot of rent stabilized apartments, and most of them are occupied by people who moved in years ago. Those people are experiencing a lower level of inflation because their rent increases are limited by law, so maybe that’s keeping average inflation down. Also fewer people own cars in NYC, so gas prices don’t affect people here as much. More people use public transportation, and subway and bus fares haven’t increased recently.