E - PAPER

CURRENT MONTH

LAST MONTH

VIEW ALL
  • HOME
  • NEWS ROOM
  • COVER STORY
  • INTERVIEWS
  • DRAWING BOARD
  • PROJECT WATCH
  • SPOTLIGHT
  • BUILDING BLOCKS
  • BRAND SYNC
  • VIDEOS
  • HAPPENINGS
  • E-MAGAZINE
  • EVENTS
search
  1. Home
  2. INTERNATIONAL

New York Housing Becomes More Unaffordable For Average Workers

New York Housing Becomes More Unaffordable For Average Workers

BY Realty Plus
Published - Monday, 27 May, 2024
New York Housing Becomes More Unaffordable For Average Workers

The report by StreetEasy, highlighted that due to average upfront costs amounting to $10,454 last year, the average worker could only afford 4.4 percent of rentals. The report said that any more would breach an affordability threshold set at 30 percent of their annual income by StreetEasy. 

Upfront costs in the city include the first month's rent, a security deposit and broker fees. Like the rest of the country, salaries in the city have not kept up with increasing housing prices. 

Median asking rents climbed 8.6 percent to $3,475 last year, while average wages went up just 1.2 percent. Adding to this, the city's housing shortage has also worsened with an additional 380,047 deficit homes. This was more than the San Francisco, Chicago and Boston metro areas combined, according to the figures from the US Census Bureau's American Community Survey.

The most hit by the city's housing affordability has been essential workers, who could afford less than one percent of rentals in the city. Healthcare workers, including home health aides and nursing aides in hospitals and nursing homes, could afford the fewest rentals of any occupation group.  The average annual wage in this field was $39,539, enough to afford a mere 0.2% of the city’s rental inventory. 

Workers in food preparation and services fared only slightly better, with an average annual wage of $45,694 — enough to afford 0.3% of units last year. First responders also found it challenging, with the average wake for workers like firefighters, police officers and transportation security officers being $63,893.

Those earning that wage would be able to afford just 0.4 percent of rentals in the city.  Even tech workers, who earn on average $135,089, would still only be able to afford 35 percent of rentals on the market. 

The national average salary in the last quarter of 2023 was $59,384, according to the U.S. Bureau of Labor Statistics. While apartments.com report that the average amount paid in rent in the US as of now is $1,516 per month, an increase of 0.6 percent in the last year. 

According to a recent NYC Housing and Vacancy Survey, one in four NYC households spent more than half of their combined income on rent last year. 

Some studio apartments for sale in Manhattan on Zillow are currently up for grabs on Zillow, with rental prices of $1,900. One small apartment comes with minimal floor space, and a ladder to a sleeping space that is above a small kitchenette. 

RELATED STORY VIEW MORE

Disney to Branded Home, Factors Boosting Abu Dhabi’s Property Market
Cairo Emerges as MENA’s Real Estate Epicenter
South Africa’s Hottest Rental Investment Zone

TOP STORY VIEW MORE

Ex VP Pepperfry Rahul Kapuria joins Spacewood Office Solutions

Kapuria's role will be to expand business for modular furniture.

12 July, 2025

Why Hiranandani Properties Are Safe Investment Bet

12 July, 2025

Century Real Estate Bold OOH Campaign ‘The Center of Now’

12 July, 2025

NEWS LETTER

Subscribe for our news letter


E - PAPER


  • CURRENT MONTH

  • LAST MONTH

Subscribe To Realty+ online




Get connected with us on social networks!
ABOUT REALTY+

Started in 2004, Realty+, an exchange4media group publication is one of the most respected real estate magazines in India with offices in Delhi, Mumbai and Bengaluru.

Useful links

HOME

NEWS ROOM

COVER STORY

INTERVIEWS

DRAWING BOARD

PROJECT WATCH

SPOTLIGHT

BUILDING BLOCKS

BRAND SYNC

VIDEOS

HAPPENINGS

E-MAGAZINE

EVENTS

OTHER LINKS

TERMS AND CONDITIONS

PRIVACY-POLICY

COOKIE-POLICY

GDPR-COMPLIANCE

SITE MAP

REFUND POLICY

Contact

Mediasset Holdings 3'rd Floor, D-40, Sector-2, Noida (Uttar Pradesh), Pincode - 201301

tripti@exchange4media.com
realtyplus@exchange4media.com

+91 98200 10226


Copyright © 2024 Mediasset Holdings.
Rental Mobil bandung,Sewa Mobil Bandung, Rental bandung, Sewa Mobil, Jual Mesin Antrian, Harga Mesin Antrian, Mesin Antrian Murah, Jual KIOSK,Mesin Antri, Berita Terkini, Info Bray,Info Tempat Wisata,Portal Berita,Jasa Website