New York is expensive—we all know that. But to rent comfortably in the Empire State, you need to make more than $135,000, according to Moody’s. In 2019, the necessary income was around $111,000, so there’s been about a 22% increase in only five years.
Renting comfortably is defined as spending no more than 30% of your earnings on housing, and that’s becoming much more difficult across the country because rents are high and incomes haven’t always kept up. For instance, in Massachusetts, you need to make more than $113,000 to afford your rent. But the “median household income in the state of New York and Massachusetts do not support living in an average priced apartment without burden,” a Moody’s analysis read.
