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NYC pays 30% of their income on rent October 3, 2006

Posted by farshadf in NYC, Uncategorized.
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– More than half of New Yorkers are spending more than 30% of their income on rent (30% is considered the “percentage figure commonly seen as a limit of affordability”)
– The average cost of a home increased by 79% – from $251,000 to $449,000
– Mortgages and home-related costs increased by 16%
– Manhattan figures: Median gross rents increased by 14% between 2000 and 2005, the number of people paying at least 50% of their income on housing increased by 14% and the median value of Manhattan homes is $718,000

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