Time is money, especially in a city like New York, which is why the fine people over at HotPads have done some number crunching to find out how commute lengths affect rental prices throughout many, many New York City zip codes. While the trade-off isn't as substantial as it is in cities like Los Angeles, where renters pay on average an additional $635 to live 7 minutes closer to work, New Yorkers will pay on average an additional $200 in rent to save 13 minutes in a one-way commute. In the thick of summer on a crowded, sweaty subway, that extra $200 may seem more than worth it.
But how do different New York City zip codes stack up against each other? In the Financial District's 10004, a zip code which, with most of the rest of Manhattan, enjoys the status of shorter commute times, renters pay a median rent of $3,858 with a median commute time of 23 minutes. In East Williamsburg's 11206, a zip code where residents have longer commute times, renters pay a median rent of $2,500 with a median commute time of 36 minutes. When the data collected from all the zip codes is boiled down, those with the shortest commute times paid a median rent of $1,850 with a median commute time of 27 minutes while those with the longest commute times paid a median rent of $1,650 with a median commute of 31 minutes. Got all that? No? Well just remember that crowded summer subway.
HotPads built an interactive map. Explore it here.
· How Length of Commute Affects Rental Prices [HotPads]
· How Much Do NYC Renters Save By Living Further From Work? [Curbed]
· Cool Map Thing archives [Curbed]