High Cost of Living in The Bronx
By: Lloyd Mills
The high price of housing in the Bronx is an issue that is quite understandable by most people because of the urban and industrialized environment that surrounds the Big Apple: Manhattan and thousands of other business corporations that makes New York the most popular city in the United States and one of the most popular metropolitan areas in the world, as well as the most populous with 8 million.
New York City attracts many individuals and business personnel in search of job opportunities because it is available on a wider scale than many other American cities. This large intake of thousands of people immigrating from both within the United States and overseas, plus the residents already living in the city has caused housing in the different boroughs to be in very high demand. Individuals find it very difficult to pay the high cost of rent but still have to sacrifice because shelter is one of the most important basic needs for humans in order to survive.
According to Sue Kaczynski, a licensed sales agent for the City Island Real Estate Limited, high rent is "not only in The Bronx, it's all over. It's an overreaction to the mortgage crisis meltdown and Wall Street toxic assets. Now there is a high demand for housing in the Bronx but banks are not willing to give loans unless there is a 20 percent down payment."
"It is very difficult to rent an apartment on your own," said Andre Williams, who is currently renting an apartment in The Bronx. "I would spend most of my monthly income on rent and the rest on bills. That's why I went to live with my brother so it would be easier for me and my brother to save money." During and after the housing crisis, a published report found out that more families were moving in together because it was more beneficial for them to afford rent and pay bills rather than them separating which would have a financial strain on every family member.
In a buyers' market "buyers are looking for bargains particularly considering that there are still many foreclosures in the market," Kaczynski said. "People are not willing to overpay for a house as they were say 4 to 6 years ago when there would be bidding wars on homes. Prices have been coming down." This search for the lowest affordable prices is the same technique people use in the renters market. Renters are searching for the least expensive houses and apartments to rent that fit their specifications.
Giovanni Palumbo was recently living in New Jersey where he traveled to New York every day to work. "I didn't have enough money to move out," Palumbo said. "I was looking for a cheap place to rent." It was easier for him to live in New York because his work was located there and it was too much of a hassle for him to commune to work every day from New Jersey. While searching for an affordable apartment in New York, he experienced certain difficulty. "Some of the agents that I contacted didn't respond back," Palumbo said. "It seems as if they had too many clients to work with." Despite his difficulties, Polumbo was still able to find an apartment. He is now living in a single one bedroom in a house in Jackson Heights, Queens where he is paying $550 for monthly rent and he was very happy with his decision to move.
Even in the Bronx, the prices of rent and the cost of a house is determined by specific areas in which people live. In the South and Central Bronx, the rent of a one bed room apartment seem to vary the same which ranges from $950 to $1200 but further up north in areas like Riverdale, prices of a one bed room apartment is at an average of $1950 to $2200 which is more expensive.
The high price of housing in The Bronx is still an issue. Some say it is too expensive while others think it is quite affordable but the cost of a house or an apartment is simply determined by the location, the quality and the different amenities that go along with it.
