NYC Rents Rising Twice As Fast As Wages, Except for Wealthiest, Study Finds

By Amy Zimmer

MANHATTAN— Yes, New York City is way less affordable now than seven years ago.

Case in point: An apartment going for $2,000 a month for rent in 2010 would now get $2,657 a month, a report published Wednesday from real estate search engine StreetEasy reveals. 

Compounding the city’s affordability crisis: rents in the city rose twice as fast as wages, according to the analysis, which compared the StreetEasy Rent Index with wage data from the city’s Department of Labor.

While median rents increased 3.9 percent a year since 2010, wages increased by 1.8 percent over the same period.

Those working in the city’s lowest wage jobs were hit hardest.

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Source: dnainfo.com (via The Empire Report)