Soaring rents and the inflated cost of living are pushing some young professionals out of New York City

• High rents and an inflated cost of living are pushing some young professionals out of New York City.
• In August, average rent prices were up by 13% compared to 2021, according to data from StreetEasy.

High rental prices and an inflated cost of living are pushing some young professionals out of New York City, Bloomberg reported.

Taya Thomas, a 23-year-old project manager, told Bloomberg she needed an apartment with an office to manage her remote job but couldn't afford to rent an extra room in the city.

After deciding to move out of New York to Miami in February, Thomas told the news agency she was saving 13% more of her almost six-figure salary, allowing her to invest and pay off more of her student loans.

The pandemic surge in rental costs paired with inflated prices for groceries and energy bills are making the city unaffordable for young people who are more likely to rent and net lower salaries, Bloomberg reported.

New York City rent prices have been soaring for months, with many New Yorkers complaining of extreme rent hikes. In August, rent prices were up by 13% compared to the same period in 2021, according to data from StreetEasy.

Average median rents hit a record $3,595 in August, according to the data. Median rent prices declined slightly in September, per the report.

Wages are also struggling to keep up with inflation in the city. According to the StreetEasy report, wages dropped 9% in real terms after adjusting for inflation.

Another young New Yorker, Georgia Bubash, told Bloomberg she was spending half her monthly paycheck on her $1,800 Chinatown apartment.