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New York City Is a Terrible Place to Not Be Wealthy

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Confirming what we all already knew, Bloomberg analyzed the Standard & Poor's Case-Shiller indices and found that New York City (and San Francisco) are not good places to live if you don't have a ton of money. Case in point: you can buy a cheap home in Chicago for only slightly more than it costs to have a Manhattan parking spot for a year. And Chicago isn't even a bad city! Other depressing facts that the analysis uncovered include that only around 25 percent of homes for sale in NYC are affordable for middle class buyers and that rents have risen here by 9 percent over the past year. So, that's fun.
· Five Facts About Housing That Will Make People In New York City and San Francisco Depressed [Bloomberg]