A third of NYC renters are paying more than half their income to rent
NEW YORK CITY - The cost of renting in New York is outpacing the income of New Yorkers so dramatically that one group is ringing the alarm.
Finding one in three people in this city pay more than half their income to rent.
The bigger picture isn’t any better, the nonprofit Community Service Society of New York analyzed data from the city and the Census Bureau, finding more than half of New Yorkers are what they call "rent burdened" and spending at least 30% of their salary on their rent.
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Average Manhattan rent remains over $5,500 a month
The average rent in Manhattan is now $5,552 a month, while the median rent remains at $4,400 a month.
A financial struggle that leads to some tough decisions including having to pass up on essentials, like food, healthcare, and education. CSSNY says with renters squeezed so tightly, there’s yet another cost.
The good news is the experts say there is a solution to all this, creating affordable housing.
However, the bad news is they say other than in the Bronx, the city isn’t doing enough to create affordable housing in the other boroughs.