Can Journalists Afford New York City Real Estate Prices?

Slate reports on the meager lifestyle of journalists in New York city:

Most experienced reporters and editors at the publications in question earn salaries in the low six figures. They can expect salaries to rise by a few percentage points a year, if they're lucky. Salaries that barely pierce six figures certainly aren't insulting to most Americans. But everything is relative. A couple doing quite well—he's an editor at the Journal, she's a reporter at the Times—could make up to $250,000. But after New York taxes, New York child care, and New York housing, you're not left with much. In New York City, you can't buy a co-op or a condo with only 10 percent down. In most desirable suburbs, you can't buy a starter house for less than $700,000. When children arrive, the couple has to choose between living in an expensive town with good public schools (which means long, painful commutes), or the prospect of private-school tuition at $25,000 per kid per year. Given the types of lives many journalists wish to lead—and think they're entitled to lead by virtue of their education and positions—the wages aren't anywhere near sufficient.

This Blue city is a bad deal unless you are super-rich.It's not the wave of the future for most Americans to live like that.