What Can $10K From Canceled Student Loans Pay For? 1 Month's NYC Rent

NEW YORK CITY — New York City's rent is so damn high that the monthly cost of a two-bedroom is near the $10,000 President Joe Biden said he'll cancel for some student loan borrowers, according to a new study.

July's average two-bedroom rent in the city stood at $8,346, a new study by Rent.com found. The national average for that type of apartment in July was $2,106.

New York City sky-high rent for a two-bedroom wasn't just the most costly in the nation, but also a 20 percent increase from the average price a year ago, according to the study.

The study could indicate that Biden's student loan forgiveness plan — which a White House release claimed will provide "breathing room" for families — won't have as much impact on some New Yorkers as people elsewhere in the country. Indeed, many New Yorkers expressed their disappointment on Twitter.

"$10k will barely make a dent in a lot of people’s student debt (ours was around $200k) and a single mom of four making $130k in NYC wouldn’t qualify?" one user tweeted.

One in six New Yorkers holds some form of student debt and, of those, more than half owed more than $20,000, according to a city analysis.

That analysis found many New Yorkers put off real estate-related decisions because of student debt.

About 17 percent told researchers they put off or delayed moves because of debt, according to the study. And 27 percent said their plans to buy a home were affected by their student loans, the study found.

Rent wasn't explicitly included in the study, but it has been a longstanding concern for New Yorkers, whether they hold student loan debt or not.

The Rent.com study again showed that New York City has the most expensive rent in the nation. The average price of a one-bedroom stood at $5,760, according to the study.

Read the full Rent.com study here.