NYC rents are rising 7 times faster than wages, report finds
New York City rents are rising seven times faster than wages, making it harder for low- and middle-income residents to find affordable living arrangements, according to a new market analysis.
While average wages in New York City increased by about 1.2% last year, median rents surged by 8.6%, per theof Zillow rental data and statistics from the U.S. Bureau of Labor. But nationwide, average wages grew faster than rents.“The report really underscores the need for action,” he said. “The really historical shortage of the supply of affordable homes in New York City has made it challenging for renters to find an affordable place to live in the city.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rents increased the most around these NYC subway stopsAverage rent for apartments near certain subway stations throughout the city have been seeing huge spikes lately.
Read more »
Brooklyn State Sen. Zellnor Myrie prepares for likely NYC mayoral bidBrooklyn State Sen. Zellnor Myrie prepares for likely NYC mayoral bid
Read more »
Barbara Walters' Longtime NYC Home Finds Buyer, Sale PendingBarbara Walters' NYC home might have a new owner ready to move in.
Read more »
Pressure mounts on Mayor Adams to comply with NYC class size limitsPressure mounts on Mayor Adams to comply with NYC class size limits
Read more »
Meet some of the NYC Catholics who want to change the Church with progressive politicsMeet some of the NYC Catholics who want to change the Church with progressive politics
Read more »
NYC boosts number of appointment slots for residential ID card after surge in demandNYC boosts number of appointment slots for residential ID card after surge in demand
Read more »