’Tis the three-month season when the Big Apple takes its biggest bite out of your budget.New York City renters go into 10 times more debt than the national average from Thanksgiving through New Year’s Eve, according to a new study published by RENTCafé.
The rental real-estate blog took a deep dive into data from the US Census, Bureau of Labor Statistics and National Retail Federation, as well as stats compiled by Yardi Matrix, a commercial real-estate “intelligence source.”
Researchers found that the average American renter is $400 in debt by Jan. 1 after paying for rent, food, gas, health care — and tabulating dollars dropped on holiday gifts, decorations, meals and partying.
But not all American cities are created equal: NYC may be a magical tourist destination during the holidays — what with all the glistening, free seasonal decor displays — but the struggle remains real for renters.
The average renter living in the metro area ends up $4,200 in debt by New Year’s Day — if they don’t have that amount in savings to cover year-end expenses, RENTCafé researchers say. Splurging on holiday cheer can break the bank considering New Yorkers shell out an average of $3,800 a month in rent, or about $7,600 for November and December.