- New York City has a reputation for being one of the most expensive cities in the world.
- New York City's high cost of living is due to its booming economy and large job market across a variety of industries.
- Rents in the city are reaching historic rates and 1.5 million New Yorkers are living in poverty.
- Visit Business Insider's homepage for more stories.
New York City is known for its high prices and its wealthy residents, and that's in large part due to the city's booming job market.
New York City has the world's largest urban economy, reported Steve Goldstein for MarketWatch , citing an Oxford Economics report. In 2018, the city saw its biggest economic boom in 70 years, according to Kirstan Conley for the New York Post . The securities, healthcare, technology, media and business, and tourism-related industries are fueling job growth, she wrote.
As a result, New York City consistently ranks on top 10 lists as one of the world's most expensive cities to live in. Rents in the city are on their way to historic rates, and 1.5 million New Yorkers are living below the poverty level.
Here are 13 mind-blowing facts that show just how expensive New York City really is.
- 8 ways millennial parents are using their kids as status symbols
- The 21 most influential cities in the world
- Here's how many years it takes to save for a 20% down payment on a home in 12 major US cities
SEE ALSO: 13 mind-blowing facts that show just how expensive San Francisco really is
DON'T MISS: More rich millennials are abandoning New York than any other state and they're not the only ones fleeing the high cost of living