2024-06-24 15:45:32 +0300
Big Cities Are Luring People Back, But Some Can No Longer Afford It
Bloomberg
By Alice KantorBig cities are alluring again, but there’s a problem for people who are looking to move back: it’s become prohibitively expensive.
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In Manhattan, median apartment rents hit $4,000 for the first time ever in May, while home prices surged nearly 11% in the first quarter compared to a year earlier. The story is similar in many other major global cities, where living costs are surging alongside prices for everything from food to gas. Rents in London’s core jumped 16% in May year-over-year, and housing prices rose 7.6%.
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