Some low-income New Yorkers are receiving $12,000 in USDC crypto.

• Arjun Parashar

• 6 hours ago

Reviewed by Mehab Qureshi

Soaring prices, thinning paychecks, and the toughest holiday season in years are pushing many Americans to rethink how they manage money and in one corner of New York City, that rethink now includes crypto.

Inflation may not be rising as fast as it was in 2022–2023, but essential living costs in cities like New York haven’t come down. 

Rent remains elevated, grocery prices are stubbornly high, and transportation costs are stretching budgets further than before. The result is younger and lower-income Americans are entering the holiday season with less financial room than ever.

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U.S. inflation has cooled from its 2022 peak, but essential costs remain elevated for many Americans heading into the holiday season. The latest CPI data shows prices rising 3.0% year-over-year as of September 2025, with core inflation at 2.9%, underscoring that living costs are still increasing even as headline inflation moderates.

In the New York–Newark–Jersey City metro area, rents climbed 4.0% to 4.7% over the past 12 months and regional CPI rose 3.2%, making shelter the biggest driver of household strain, per August data from U.S. Bureau of Labor Statistics. National food prices tell a similar story. Grocery costs are up 3.1% year-over-year, with categories such as meats, poultry, fish and eggs rising 5.2%.

By contrast, 2022 marked one of the most painful cost-of-living spikes in decades. Headline inflation soared 6.5% year-over-year, grocery prices surged 10.4%, and shelter costs jumped 7.9%, a historic increase that reshaped budgets for renters and younger workers.