The average annual wage in New York City is no longer keeping up with the rising costs of living and paying the monthly rent, which is squeezing out even…
The estimated annual income to comfortably live in NYC is $139,000, but the average city wage only went up 1% last year, according to a new Streeteasy report.
StreetEasy estimates it would take an annual income of $139,000 to comfortably afford the median asking NYC rent. Residents are constrained when searching for the limited number of rentals on the market, and soaring prices just add salt to the wound. The citywide median asking rent hiked to $3,474, up nearly 9% from 2022 to 2023, based on aU.S. Bureau of Labor Statistics
In comparison to the tech world, essential workers, like healthcare support or protective services, were paid average wages under $70,000 in 2023, says the state's Department of Labor.The StreetEasy summary presents a few solutions to the wage and rental woes facing the boroughs, including zoning changes in targeted outer ZIP codes near public transportation.
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