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Sigh, NYC Apartment Rents Are Rising Twice as Fast as Wages; The disparity is even more drastic for the bottom fifth of New York’s wage earners
Topic Started: 31 Aug 2017, 06:14 AM (363 Views)
Bardon
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Sigh, NYC Apartment Rents Are Rising Twice as Fast as Wages

Maybe you should ask about that promotion sooner rather than later. . .

Anyone who’s even daydreamed of moving to New York City knows it’s far from a haven of affordable housing. If you’ve always felt like the ideal apartment is just out of your price range, you’re not alone. A new affordability report from StreetEasy shows that New York rents have increased at twice the rate of wages so far this decade, and all but the highest earners are feeling the squeeze.

The StreetEasy study compared the real-estate site’s rent index to NYC Department of Labor wage data from 2010 to 2017 and found that citywide rents increased by an annual average of 3.9 percent, while wages rose just 1.8 percent year over year. The disparity is even more drastic for the bottom fifth of New York’s wage earners: Their pay has remained essentially stagnant while even the most cramped, out-of-the-way walkups have become nearly 5 percent more expensive each year.

For entry-level professionals and those stuck in low-paying jobs, the struggle is very real. "New York City residents who are earning the least amount of money are experiencing the greatest competition for housing and the steepest rent increases," said StreetEasy senior economist Grant Long. Rent regulations are controlled by the state government in Albany (which is working splendidly for the subway. . . ), but mayoral spokeswoman Melissa Grace says the de Blasio administration has tried to offset costs by “financ[ing] a record 78,000 affordable homes—the majority of them for lower-income New Yorkers."

For now, the best way to find an “affordable” pad is to go back in time and get a computer science degree. Rents for the highest-end apartments rose by around 3 percent annually, while wage growth for workers in STEM jobs and other high-earning fields nearly kept pace.

The data isn’t all doom and gloom, however. New York’s rate of rent increase has slowed over the past year, and costs in cities like San Francisco, Los Angeles, and Seattle (the Amazon effect?) are shooting up more sharply. So maybe if you skip the avocado toast for a while, you can sign the no-guarantor lease on that 1BR in Park Slope someday after all.

https://www.architecturaldigest.com/story/nyc-apartment-rents-rising-twice-as-fast-as-wages
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Ex BP Golly
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You should read 'Slaves of New York'

Oldie but a goodie
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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