From living with nuns to sharing with seniors, here are the unconventional ways people are affording NYC | CNN Business

Charles Jones III needed an affordable place to live in New York City, and fast. His internship-provided housing in Manhattan was ending, and most rentals in the area were far beyond his budget. Then there were the security deposits and added fees that could add thousands more to move-in costs. So, Jones, who is 25, turned to an option he never expected: moving into the home of a woman about 50 years older than him. Young people continue to flock to New York for its vast job market and opportunities, but affording a place to live is increasingly a challenge. The median asking rent in the city reached $4,200 in July 2026, up 30% from July 2019, according to New York real estate listings site StreetEasy. In Manhattan, the city’s most expensive borough, the median asking rent was $4,995. Meanwhile, the national median rent was $1,388 per month as of July 2026, according to a separate report from apartment search platform Apartment List. New York City has always been an expensive place to live, but lately it’s become even harder for renters to make ends meet. Wage growth hasn’t kept pace with inflation and the city faces its most severe housing shortage in a generation. Some youn