New York has always been expensive, but as housing prices continue to rise, the Big Apple is setting new records. Data indicates that rent costs increased seven times faster than earnings last year, and over half of New York's residents are paying more than 30 per cent of their before-tax earnings on housing. In other words, New Yorkers are increasingly rent-burdened.
More than 30 per cent of tenants, or one in three, are spending more than half of their income on rent, exacerbating the city's homelessness crisis. Even tech professionals, who earn some of the highest salaries of any profession, are feeling the pressure of the housing market.
