New Yorkers must earn $215,000 a year to afford a typical Manhattan rental, the report states. Meanwhile, rents for smaller apartments increased by 7.1%, outpacing wage growth.
NYC Homebuyers Face Monthly Costs Far Higher Than Renters, Study Finds
A report shows New Yorkers must earn $215,000 annually to afford a typical Manhattan rental, as rents jump 7.1% while wages lag.
Key takeaways
- New Yorkers need an annual income of $215,000 to afford a typical Manhattan rental.
- Rents for smaller apartments in Manhattan rose 7.1%.
- Wages have not kept pace with the rise in rent.
Why it matters
The findings affect city residents seeking housing, highlighting the gap between rising rents and stagnant wages.
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