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NYC Ranks 8th for Affordability Among Large Cities
New York City ranks eighth for overall affordability among 20 large U.S. cities studied by the nonpartisan Citizens Budget Commission (CBC). Weighing housing and transportation costs as a percentage of income, the CBC study found that New York fares especially well for transportation costs, while for housing it ranks as the fifth most expensive.
“A location’s affordability is determined by more than just the cost of housing,” the CBC says, noting that New York’s competitive future rests in part on its affordability. “Including both transportation and housing costs relative to income, New York City ranks reasonably well in location affordability relative to its peer cities.
However, the report says, “pressures in transportation and housing affordability highlight a two-pronged risk to New York City’s competitiveness.” The CBC advocates addressing the Metropolitan Transportation Authority’s fiscal and operational deficits, while also considering strategies and policies to address housing supply and alleviate housing cost pressures.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
