Sonia Hendrix, the 37-year-old founder of GALLERY PR, almost fell off her couch after opening an email from her property manager, indicating that her rent was being raised to $5,500 per month for her one bedroom apartment in Tribeca. When she moved into the unit in June 2021, her rent was $4,100. Hendrix called it a sweetheart COVID deal. But now, after living in New York City for close to 10 years, shes rethinking her situationand that could mean leaving the city.
Her apartment is directly in front of Greenwich Hotel, Hendrix says, calling it a prime location. However, besides the location and a doorman, theres nothing special about it. In fact, she says, the lobby and hallways were worn down, and she lived without a functioning bathtub for a year. Hendrix attempted to work something out with her property manager, asking them to reconsider the increase because shes been a good tenant, but she was instead told, youre lucky we didnt raise it to this last year. After choosing not to renew her lease, and having to move out by the end of May, Hendrix started looking around at apartments and condos on the market to see if she could afford to take the next step and buy. She was looking at homes particularly in Chelsea because after living all over Manhattan, Hendrix says she knows what she wants.
Its really underscored for me like, wow, I am so far away from being able to purchase an apartment, a condo, a home, Hendrix tells Fortune. But the homes she looked at range from $1.3 million to $1.5 million because Hendrix says she refuses to go backwards in terms of her living situation, as her level of happiness affects her productivity. Still, Hendrix makes a little over $200,000 annually after taxes, she says, which is much higher than the citys median household income of $70,663 per the Census Bureau. Nonetheless, it feels so unattainable, Hendrix says.
Its just so frustrating because the cost of everything is going up, Hendrix says, adding that as a single woman its even harder to afford owning a home in the city. Some of her colleagues, former New Yorkers that have moved away, as she referred to them, tell her that New York City isnt a town for singles anymore. They tell her its very difficult to be single in New York and own a property. After looking around, Hendrix says, they are so right, adding later, how am I going to get there as a single woman? If I were married, this would be much faster.
Lets say Hendrix were to go with an apartment thats priced at $1.3 million, which is slightly lower than the average home value in Chelsea, but more than double the average home value in New York City per Zillow. If Hendrix put down 20%, or $260,000, her monthly mortgage payment at a 30-year fixed rate of 6.5% (given the current market rate) would be $6,574. And that's without accounting for taxes and insurance.
Hendrix says that if she had a partner, that wouldnt be an issue at all, given theyd split everything down the middle, she assumes. But thats not the case, and even so Hendrix says shes struggling to save any money in this economy, so shell likely keep renting, but the question is where?
Following her apartment nightmare, as Hendrix calls it, shes asking herself if she should stay in New York. Or should she move to Asheville, N.C.where her family livesand buy a beautiful home, likely for around the same amount shed spend on an apartment in New York. Or should she move to New Jersey, and rent an apartment for substantially less, which shes already talking to a broker about. Theres a one bedroom apartment in New Jersey that Hendrix has been looking at, and its $3,000 per month versus her $5,500 per month in Tribeca. The New Jersey apartment also has a pool, doesnt charge for parking (unlike the $600 shes paying now), and has a doorman. If she goes that route shes saving more than $2,500 per month, even though itd still take her years to save for a down payment, Hendrix says.
I feel like theres a tipping point, Hendrix says. Im trying to stay in New York, I want to stay here, but Im kind of just over it in terms of the costIm in a toxic relationship with New York City right now.
Hendrixs public relations firm, which she founded around five years ago, represents brands across industries, from fashion to cannabis. The agencys Instagram page says its built for the new vanguard of global leaders and change-makers, and what better place to do so than New York? And to some degree, thats whats holding Hendrix back from moving out of the city, because she feels itll have an impact on her business. Hendrix says the best deals and features shes gotten have happened by being in the right place at the right time."
Hendrix says renting in New Jersey is something shes seriously considering to meet her 5 and 10-year goals of owning a home, finding a partner, and having a family.
Im freaked out about that because its just a big lifestyle change, Hendrix says, I just have to commit and just go all in. And despite being 37-years-old, as she rethinks her location, shell definitely consult her momas some people do regardless of being a so-called adult. Either way, Hendrix says, if shes not ready to make the move yet, shell give it another year in the city before moving, telling Fortune theres a beautiful apartment in Greenpoint that shes got her eye on but the rent is around $5,000, even though she knows that shes being squeezed financially largely by rent.
