Here’s why major cities may still be worth their high cost of living

Many people believe that a cost-of-living crisis is on the horizon. New York City is showing up as a hot spot for rent inflation. The average rent for a 1-bedroom apartment in Manhattan went up by 42% in the year to May 2022, according to Zumper.

Chicago, Los Angeles, and Austin, Texas are all experiencing rent increases of double-digits. Rents have risen to $2,700 a month in Miami in May 2022, a 64% increase from a year prior, according to data from Zumper.

Workers left the largest U.S. cities during the Pandemic. Many commuters haven't returned to the office two years after renting, as companies negotiate the particulars of a return to the office. New York is a city that is concerned about lagging transit ridership. Ed Glaeser, an economist at Harvard University, says cities are becoming more important in the age of remote work.

If they can do their jobs from home, a return to increasingly expensive cities might not seem like a problem.

The ability to train new workers is limited by remote work. Data produced by Microsoft's workforce suggests that it is more difficult to share in-depth information remotely, which can produce silos within companies.

Check out the video to find out if major cities are still worth it.