wow! any guesses where the highest rent in the country for a 700sq foot, one bedroom apartment is? i didn't see this coming!
answer here: http://www.nydailynews.com/news/national/average-rent-williston-n-tops-costs-nyc-article-1.1617187
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WHAT!!! I was definitely thinking East coast, or maybe Cali. But ND is my neighbor - this is shocking to me! Tons of my friends went to college in ND and ended up staying there and pay such cheap rent (MN is usually more expensive than ND). I had no idea though that their rents were skyrocketing.
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I'm also surprised by the $1,504 for a 700 square foot one bedroom in the New York area. They must have reallllyyy averaged that out, including the suburbs/far reaches of the boroughs!
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That seems crazy!! Totally not where I expected!
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@hotchildinthecity: I was thinking the same thing! I would have been surprised to find a $1500 700sq ft apt in NYC.
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@hotchildinthecity: that seemed really low to me too!
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@mrs. bird: Wow! That's kind of crazy and unexpected. I certainly thought it would be NYC.
I'm not surprised by the average rent in NYC, especially when you factor in all the boroughs and include housing projects, affordable housing, etc.
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I did guess ND, actually! We have that same problem in eastern Montana. It's because of the Bakken oil fields.
It's a huge problem, really. There is a sudden influx of thousands and thousands of single men, but people are reluctant to build up an infrastructure to support them in case of a bust. Part of the problem in Montana is taxes on oil and gas are extremely low, so while companies are getting rich, there is no money to build bigger schools or better roads or more housing or a better police force. Drugs can be a big problem too, and there will be like, 6 police officers in the whole county.
And keep in mind, these are the people lucky enough to get housing. There is a huge problem with homelessness, people living in tents or RVs, or in "man camps" - rows and rows of mobile homes just to house workers. And while wages for an oil field worker aren't bad, for the rest of MT and ND they are much much lower than the rest of the country. So teachers and other middle income earners are leaving because they can't afford to stay.
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Crazy. Didn't expect that-- although I agree with PPs I don't think the NYC data is quite accurate for actual city apts.
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Oh, I have heard of this problemw ith the oilfield expansion. I would love to build out there, but I don't have that kind of capital/time off and I know many towns are already maxed out on the public sewer lines. In a dream world though - it's a prime opportunity to make serious bank.
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I wouldn't have guessed it, but it totally makes sense to me for the reasons @jedeve said. I have a friend who lives in Montana so I've heard a lot about it.
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Yup I have heard about the same thing happening in Fort McMurray, Alberta which is up north in the middle of nowhere.
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Interesting!
And wow, $1500 for a 1-br in NY? I guess factoring in all the boroughs, that would be the avg but I was paying $2500 for a 1-br in Manhattan back in 2007
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@mrsjazz: good point about the subsidized rents affecting the average rent price!
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Interesting shift! There must be a big industrial boom going on in ND.
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crazy!
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That's insane. I feel like there has to be (or should be) some sort of regulation on this type of inflation but I guess it all goes back to supply and demand!
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No chance that data on NYC is right. Again, unless they are including far reaching suburbs.
A few years ago I lived in a walk-up 400-500 sq foot studio apt on the Upper East Side for $1400/mo and that was a steal! -
Holy moly!
I can totally see cities averaging out to less because cities have such a huge range of neighborhoods. In Boston a 700 sq foot apt could be $4000 in Beacon Hill or $300 in Mattapan, and that's all within the city limits.
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@jedeve: I was just about to post that explanation! DH worked in Wyoming in the oil fields for years and lived in "man camp" which was housing provided/paid for by his company. Many of the apartments that were built when the boom happened in WY are now sitting vacant. Luckily, WY had taxes to help sustain their schools and such. He traveled to/from WY & KS each 2 week hitch though so he didn't live in WY. It's sad but the apartments being built in ND are going to be crap in just a short time
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@Kimberlybee: It's oil/natural gas, @jedeve gave a really good explanation!
my DH has a good friend/ex-coworker who worked in ND for a short time, however the regulations aren't the same there and he didn't feel as safe/comfortable there and has since moved on to a job down in TX.
my DH has a good friend/ex-coworker who worked in ND for a short time, however the regulations aren't the same there and he didn't feel as safe/comfortable there and has since moved on to a job down in TX.
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