New York City, the city that never sleeps, has recently been ranked as the worst city in the US to start a career in. According to a study by WalletHub that analyzed the best 182 cities to begin a career, NYC ranked dead last. The study evaluated market strength, livability, and other characteristics, and found that the Big Apple’s entry-level jobs per 100,000 working-age population and affordable housing were at the bottom of the rankings. It also ranked 181st in terms of professional opportunities and 174th in terms of quality of life. This news is a bit discouraging for recent college grads looking to make their mark in the city.
The report found that NYC had the lowest number of entry-level jobs per 100,000 professionals aged 16 and above. The average monthly starting salary was also ranked very low. These metrics are essential for those starting their careers as they need to find a job that pays well and offers opportunities for growth. It also highlighted that housing affordability in the city was poor, which is another significant factor for those looking to jumpstart their career there.
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Despite these rankings, New York City still has some positive attributes by ranking slightly higher in professional opportunities and quality of life. The city offers many opportunities for people in various fields, including finance, media, and technology. It is also a hub for culture, entertainment, and nightlife. However, these positives do little to alleviate the high costs of living and competitive job market that make it challenging for newcomers to establish themselves.
And let’s not forget the skyrocketing expenses it costs to live there. The high cost of living in New York City is due to various factors, including the high cost of city government, state and local taxes, and inflation rates. Despite being in a severe recession, New York’s inflation rate has continued to run higher than the rest of the country for the last four years.
The high living costs in New York City can be a challenge for families. For instance, a family of four in New York City needs to make more than $100,000 annually to afford basic necessities such as housing, food, and healthcare. This comes at a time when families around the world are facing rising living costs. However, there are affordable housing options available in nearby states or boroughs that families can consider when looking for a place to live.
Despite the high living costs, New York City remains a popular destination for immigrants due to its diverse cultures and cuisine. Both New York City and Los Angeles are adaptable cities for immigrants, but they have different cultural dynamics that affect living costs based on proximity. Nonetheless, there are affordable options and many great things to do in NYC.