New York City Renters Feel the Squeeze
Between 2007 and 2011, a period when house prices citywide fell by 20 percent, the median monthly gross rent citywide increased by 8.6 percent, from $1,096 to $1,191. During that same period, median household income decreased 6.8 percent, dropping from $54,127 to $50,433.
This is a key finding in the State of New York City's Housing and Neighborhoods 2012, released today by NYU's Furman Center for Real Estate and Urban Policy. Now in its 12th year, the report collects and analyzes a wide range of data describing the city and its residents to serve as a resource for policymakers, researchers, and city residents. The full report is now available.