"Unsurprisingly, cities like New York and Jersey City were some of the least affordable, but some cities with newly changing demographics crept into the top 10. "For the third year running, New York remains the most unaffordable city, squeezed by high demand and record low vacancy rates," The Economist research reporter Lizzy Peet told Business Insider."
"Living with roommates is a good way to save some cash, often while enjoying the added social benefits of cohabitating. But sometimes, you need your space. Where you can afford to live alone largely depends on which city you choose. The Economist ranked major US cities based on its "Carrie Bradshaw index," or how affordable they are to live in alone."
A "Carrie Bradshaw index" ranks major US cities by how affordable they are for single renters to live alone. The index uses typical studio rents and a 30% gross-income housing threshold to calculate the salary needed to afford a studio. Dividing median city wages by that threshold yields a Bradshaw score; scores above one indicate most residents can afford a studio. Nearly 59 of the ranked cities score above one. Coastal metropolitan areas tend to be the least affordable, while Sun Belt and Midwestern cities are generally more affordable despite some having wages near or below national averages. Data sources include the Bureau of Labor Statistics and Zumper.
Read at Business Insider
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