A new report took a look at how much income New Yorkers are spending on rent and utilities.
Researchers at HireAHelper used Census data to rank U.S. cities according to the share of income their residents spend on housing. According to their findings, American renters spend a median 31.0% of income on housing, compared to just 16.5% for homeowners.
While New York City did not crack the top ten large cities with the highest percentage of income spent on rent, the report found that New York City renters spend 32.5% of their income on rent and utilities, with the median gross rent in New York equalling $1,483 per month. The median gross rent throughout the country is $1,097.
The data showed the median monthly household income for renters equalled $4,563 monthly and $54,759 annually, compared to the United States as a whole with $3,540 and $42,479, respectively. While the United States has a minority population of 38.9%, New York City’s minority population came to 67.9%.
The report notes that the high costs of rent impact low-income renter households more than any other group. Over 75% of households with annual income below $50,000 per year spend 30% or more of their income on rent and utilities, while renter households with an annual income below $20,000, almost 90% spend over 30% of their income on rent.
Read the full report at www.hireahelper.com.