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Comment by oh_sigh | Hacker News Reader

I work at a FANG, total comp in 300k-400k range, and my rent is less than $2500. Can you tell me why someone making $15/hr needs to rent a place that costs $2500/mo?

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This is a good point. My mortgage and escrow on a decent house in a nice suburb and good school zone on the outskirts of a large city is $2300. Spending $2,500 on rent is insane.

"Spending $2,500 on rent is insane"

That's not normal, but it is simply what it costs to live in NYC or SF or London. I know tons of people who pay north of $2,500/month for decent (not fancy) apartments in central neighborhoods of those cities. And $3-$4k/month is very common for a single person.

Yes, and I would bet that those people you know paying $2500/mo are not earning $15/hr.

And no, it is not simply what it costs to live in NYC, unless you think you absolutely must live in Manhattan below 96th st. This is like saying the cost of a car is $65,000, because the only car I accept is a BMW X5. Ok, if that is your standard, then yes a car will cost you $65k. But there are cars available for much cheaper, that will fulfill all the important roles that one looks for in a car.

I did not say it was the floor, obviously, but it is literally the average rent, give or take.

Let me shock you by saying in some of these cities groups of people easily take out a 2500-3k rental. Either families or groups of workers.

And their combined income is $15/hr?

It’s possible, sure.

No, that's what it costs to live alone, in the middle of a highly desirable city that restricts housing supply via NIMBY zoning. None of these things are things you need to live life. You don't need to live alone, you don't need to live in NYC, and you definitely shouldn't feel obligated to live in a place that refuses to build adequate housing.

I would posit that those people spending $3-$4k a month are making a great deal more than the $15 an hour that this thread is talking about. Living in NYC, London etc is for people that make a vastly above average salary. Anyone choosing to live there on ~35k a year or under is asking for financial distress. Granted it is very hard to move to another city when you are making a low wage as moving is expensive but if you have a job making $15 at McDonalds in NYC, you can get a job at McDonalds making $15 an hour in Alabama or Ohio and enjoy a better cost of living. You wont have all the perks and nice to haves of NYC but a financially sensible person would not be enjoying them on that wage anyway.

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