New York City is second most expensive place to rent

New York City is (almost) The Most Expensive Place in the world to live.

A new study found that a single person typically pays $1,994 per month for a small studio in the city and needs to make at least $82,000 a year to afford it, the Wall Street Journal reported. New York is second only to San Francisco, which has a slightly higher — by 4 percent — typical rent. Of course, New York rents can go well above this “typical rate.” Median rents for studios in Manhattan are roughly $3,000 a month.

London-based real estate brokerage, Nested, ranked 72 major cities. Boston was the third most expensive on the list, followed by Hong Kong, Dubai, Singapore and Washington, D.C.

A family of four could expect to pay $3,784 a month in New York, and would need to earn  more than $156,000. [WSJ] — Kathryn Brenzel