Nearly a third of New Yorkers 'severely' burdened by rent: Report
More than half of all New Yorkers were moderately or severely burdened by their rent payments in 2011, with nearly one-third of residents paying more than half of their income on rent, according to a new NYU report on real estate in the city.
The study looked at the impact of the Great Recession and its recovery on the city's real estate market, finding that New Yorkers' median rent burden -- or the share of their income that goes to rent -- increased to 32.5% in 2011 from 29.9% in 2007.
A few other findings according to the report from NYU's Furman Center for Real Estate & Urban Policy:
-- Median monthly rents increased to $1,084 in 2011 from $999 in 2007, or about 8.5%.
-- House prices citywide fell by 20% between 2007 and 2011.
-- Staten Island was the only borough where median rents fell between 2007 and 2011.
-- Vacancy citywide rose to about 4% from 3.8% between 2006 and 2010.
-- About 4% of all rentals citywide are overcrowded with more than 1.5 occupants per room.