1 in 3 New Yorkers spends half their income on rent_ ‘staggering’ report

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. NY Post reporter Brooke Kato shares this story.

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.

Read more at https://nypost.com/2023/10/17/1-in-3-new-yorkers-spend-half-their-income-on-rent-report/

#rent #nyc

The New York Post is your source for breaking news, news about New York, sports, business, entertainment, opinion, real estate, culture, fashion, and more.

Subscribe to New York Post Sports: https://www.youtube.com/c/nypostsports

Catch the latest news here: https://nypost.com/
Follow The New York Post on:
Twitter - https://twitter.com/nypost
Facebook - https://www.facebook.com/NYPost