Most people are familiar with the story - you go to college, rack up a pile of student loans and then can’t find a decent job. But for those living in New York, the cost of living is so high that this life-altering event can pretty much prevent you from even calling NYC your home. The rising cost of college has combined with the rising cost of living in NYC and made the city a veritable death trap for those in debt. After all, if you can’t even pay the rent, how are you expected to keep up with your student loan payments?
The end result is that less young, college-educated people will be coming to NYC. Once they manage to pay off their loans or get a job that pays a reasonable amount of money, you may see the 20-somethings migrate to New York. But until that time comes, it’s just too hard to make it. How will this affect the NYC economy in the long run? Only time will tell.
Photo courtesy of Javier Gil via Wikicommons
