Markets & EconomyRentals

How much income do NYC renters spend on housing?

It's even more than you might think
  • For the average worker in the Big Apple, rental costs take up 63.1 percent of monthly paychecks.
  • The average monthly rent in New York is $2,629. San Francisco is higher at $2,824 per month, but average workers in the San Francisco spend just 50.5 percent of wages on rent.
  • Beijing workers are by far the most out-priced, spending 122.9 percent of their incomes on average rent.
  • The study points out that in New York, unrealized spending is as high as $7 billion in 2015.

SoHo, NYC/Flickr user Shinya Suzuki New York City rents are astronomically high.  And for most, the rent is unaffordable to the point where it is eating up the vast majority of take-home pay, says the Global Cities Business Alliance Housing for Inclusive Cities report. For the average worker in the Big Apple, rental costs take up 63.1 percent of monthly paychecks, leaving little wiggle room for other expenses. The average monthly rent in NYC is $2,629. San Francisco is comparatively higher at $2,824 per month, but average workers in the San Francisco spend just 50.5 percent of wages on rent due to more rapidly rising incomes on the West Coast. Beijing workers are by far the most out-priced, spending 122.9 percent of their incomes on average rent. Someone earning the average salary in Beijing cannot live alone or has to seek out employer-secured housing to circumvent the astronomically high housing costs, according to the report. Are New York City wages sluggish? Whil...