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.
- 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.
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Inman Connect New York | January 29 - February 1, 2019