Staggering cost of NYC living laid bare: Average worker earned $90k in 2023 - ... trends now
Despite earning nearly six figures, the average New Yorker still couldn't afford an apartment in the Big Apple in 2023, new data has shown.
Soaring rents and upfront costs have contributed to fewer than five percent of New York apartments being affordable to the average worker, according to a report.
New Yorkers earned on average just under $89,000 in 2023 according to the New York State Department of Labor.
An average worker in the Big Apple could afford to spend up to $2,216 per month on housing without spending over 30 percent of their annual income.
The report by StreetEasy, highlighted that due to average upfront costs amounting to $10,454 last year, the average worker could only afford 4.4 percent of rentals.
The report said that any more would breach an affordability threshold set at 30 percent of their annual income by StreetEasy.
New Yorkers earned on average just under $89,000 in 2023 according to the New York State Department of Labor
One small apartment comes with minimal floor space, and a ladder to a sleeping space that is above a small kitchenette. This Manhattan pied-a-terre costs $1,900 a month, meaning it's affordable for a New Yorker on an average salary - but with severe space limitations
Another view of the same $1,900-a-month West Village studio, which appears to be as dark as it is cramped
Upfront costs in the city include the first month's rent, a security deposit and broker fees.
Like the rest of the country, salaries in the city have not
