New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Comptroller: NYC Affordability Continues to Slip
Living expenses in New York City—including, but not limited to, apartment rents—are increasing at a faster pace than household incomes, New York City Comptroller Scott Stringer reports in his latest NYC Affordability Index.
The index shows that between 2005 and 2017, typical household incomes increased by 1.9% for single adult households, and 3% or more for other households in the index. For many households, that’s a slower pace of annual growth compared to increases in the costs of housing (up 4% per year), transportation (up 3% annually), healthcare (4% to 6%) and child care (2.4%).
“New York City’s affordability crisis impacts every New Yorker and every community,” Stringer said. “Over the last decade, the lack of affordable housing and the soaring cost of everything from child care to basic everyday necessities have ravaged New Yorkers’ bank accounts, and now these pressures are pushing people out.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
