New Yorkers are facing unprecedented financial struggles as the cost of living spirals out of control. According to the 2024 Income and Affordability Study by the New York City Rent Guidelines Board, 50% of working-age residents can barely cover essentials like housing, food, and healthcare. For many, it’s a relentless struggle just to make ends meet.
Housing costs, in particular, are suffocating. With prices 238% higher than the U.S. average, rent eats up a massive chunk of incomes. For rent-stabilized tenants, the median rent-to-income ratio stands at 28.8%, leaving little room for anything beyond survival. In Brooklyn, Gen Z renters face a median rent of $2,060, with nearly three-quarters of them paying more than 30% of their income on housing—officially deemed unaffordable.
Wages aren’t keeping up either. Average inflation-adjusted earnings have dropped by 6.1%, compounding the financial strain. As a result, people are forced to delay major life milestones like buying a car or getting married, focusing solely on day-to-day survival instead.
New York City’s affordable housing lotteries offer some hope, but they are a drop in the bucket compared to the overwhelming demand. The financial burdens crushing New Yorkers make it nearly impossible to plan for a stable future, leaving half the city in constant worry about how to cover even the most basic needs.
Sources:
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NYC Rent Guidelines Board – 2024 Income and Affordability Study
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NYC Rent Guidelines Board – 2024 Income and Affordability Presentation
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