NYC workers must put in over 100 hours a week to afford an apartment: Report
Corporations buying up more NYC real estate
More and more corporate landlords are buying up apartments in New York City, pushing out families that have owned those buildings for decades. One neighborhood where that has become increasingly common is the East Village, and longtime residents say they're not happy about it.
NEW YORK - Rent in New York City is so high, minimum-wage workers have to work overtime just to afford an apartment.
According to a new survey by United Way, minimum-wage workers would need to spend 111 hours on the job per week just to afford a one-bedroom apartment in the city.
That calculation was made based on New York's $15 per-hour minimum wage and the average rent for a one-bedroom apartment currently standing at $4,000 a month.
According to the United Way's data, the annual income needed to afford a one-bedroom rental in the city is $72,040.
RELATED: Rents continue to skyrocket in NYC, Here is the average rent now
However, it's even worse in other parts of the country.
San Jose, California takes the cake at 141 hours despite having the highest minimum wage earnings in the country at $16-20 per hour.
Dallas comes in as the second least-affordable city in the nation at 120 hours, even though the minimum wage stands at $7-25 an hour.
Chicago is in third at 112 hours, just ahead of New York City in 4th, and Philadelphia rounds out the top five at 110 hours.