Home Beauty Home

Manhattan skyline view from the roof deck of a Park Slope building ." /> Manhattan skyline view from the roof deck of a Park Slope building . View Full Caption Corcoran Group MANHATTAN— Yes, New York City is way less affordable now than seven years ago. Case in point: An apartment going for $2,000 a month for rent in 2010 would now get $2,657 a month, a report published Wednesday from real estate search engine StreetEasy reveals. Compounding the city’s affordability crisis: rents in the city rose twice as fast as wages, according to the analysis, which compared the StreetEasy Rent Index with wage data from the city’s Department of Labor. While median rents increased 3 .9 percent a year since 2010, wages increased by 1.8 percent over the same period. Those working in the city’s lowest wage jobs were hit hardest. Low- wage earners — those in the bottom 20 percent of the workforce, which represent a little more than 800,000 of the roughly 4.1 million employed New Yorkers ...

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 resid...