NYC Rents Rising Twice As Fast As Wages, Except for Wealthiest, Study Finds - East Harlem - New York
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 ...