Rent: So You Think You Have It Bad?
Rents are rising all over the country, with many people having cause to complain. Many of them would feel better if they looked at the numbers from one of America’s all-time high-rent capitals: New York City.
New York has been in the “OMG, you pay that much!” category for decades, but things have gotten really bad in recent years.
This year, New Yorkers will spend 65.2 percent of their income on rent in 2016, up from 59.7 percent in 2015, according to new data from real estate marketplace StreetEasy.
And we’re just not talking about fancy Manhattan digs, either. Brooklyn, which used to be a bastion of reasonable rents, is now the worst of New York’s boroughs.
StreetEasy said that residents in Brooklyn are expected to spend a whopping 65.4 percent of their income on rent in 2016.
Queens households will see the biggest jump in rent relative to income, with a median rent-to-income ratio that’s expected to jump from 43.5 percent in 2015 to 51.6 percent in 2016.
Those are some horrible rent burdens. New York is the sort of place where you’ll make more money than you ever have, and feel more broke than you ever have – all at the same time.
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