1 in 3 New Yorkers spends half their income on rent: ‘staggering’ reportBy Brooke Kato
Published Oct. 17, 2023
As one of the most expensive cities in the world, it should come as no surprise that a third of New Yorkers are forking over half their income for rent.
The devastating data comes from the latest report from the nonprofit the Community Service Society of New York, which found that 55% of households, or nearly 1.2 million households, in the Big Apple were “rent-burdened” in 2021, meaning tenants spent at least 30% of their income on rent.
A staggering 34% of the city’s tenants were classified as “severely rent-burdened,” spending at least half their income on monthly rent as rates soar well above the median income.
In short: Housing is becoming too expensive for the average New Yorker.
It’s not necessarily a new trend — since 2005, the average NYC renter has been rent-burdened, according to the report, which is based on answers to the city’s Housing and Vacancy Survey.
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Source:
https://nypost.com/2023/10/17/1-in-3-new-yorkers-spend-half-their-income-on-rent-report/
