Most New Yorkers Spend 2/3 of Their Annual household Income on Rent, Queens up 8.5% since 2015
If you are planning to move to New York and your salary is not above the six figures, It is very probable that you will need to find a roommate.
A new rent affordability report for the year of 2016 was recently published by the freshly acquired StreetEasy and the data isn’t pretty, especially for us who rent in Brooklyn, we will face the highest burden at 65.4%, according to StreetEasy forecasts of rents and incomes in 2016, the typical New York City household will need to spend 65.2 percent of its total annual income on median asking rent this year. Queens, Brooklyn, Manhattan & The bronx contribute to the new slogan of New York: The city that will never let you sleep alone.
A recent survey conducted by WNYC and Public Agenda finds that the top concerns among New Yorkers are the high cost of living and the high cost of housing. They beat out the high cost of college, high taxes, and lack of well-paying jobs as the top concerns.
Income growth lags far behind rent growth. The median household income is expected to grow by 0.8 percent to $56,244 in 2016, while the median asking rent is expected to grow by 10.1 percent to $3,054.
I don’t want to sound pessimists, au contraire, I embrace the shared-housing market and strongly believe that living with other people, with whom you share similar interests, lifestyle preferences or hobbies, has a positive contribution in your daily life, activating the co-living experience.