NYC renters to spend two-thirds of income on rent in 2016

home_callcenter_blog3
Real estate buying in NYC
May 7, 2016
home_callcenter_blog1
Bronx, Staten Island home sales jump
May 9, 2016

NYC renters to spend two-thirds of income on rent in 2016

home_callcenter_blog2

NYC renters are expected to pay an average of 65.2% – almost two-thirds – of their income on rent in 2016, up 5.5 percentage points from last year, according to a forecast.
In neighborhoods such as Manhattanville, Chinatown, Little Italy and Mott Haven the median rents for market rate apartments are higher than even the typical household income, the report said.
Brooklyn renters can anticipate paying 65.4% – an uptick 3.7 percentage points over last year, according to the StreetEasy forecast. The new rent to income ratios in Queens (51.6%), the Bronx (54.1%) and Manhattan (49.1%) also exceeded the one-quarter to one-third of income guidelines that experts say financially sound households should spend on housing. Only Staten Island’s ratio – which ticked up from 26.6% last year to 27.9% this year – remained in that healthy range.

Comments are closed.