NYC Renter Household Incomes Grew Faster Than Rents Between 2014 and 2015
According to one-year estimates from the American Community Survey released by the U.S. Census Bureau this week, New York City’s renter households saw median income grow faster than median gross rent between 2014 and 2015.
Median renter household income grew 4.8% between 2014 and 2015, from $41,262 to $43, 261. This is just under the previous peak in median renter household income in 2008 of $43,563.
This year-over-year growth marked the steepest increase in median renter income in the past decade. Meanwhile, over the same period, median gross rent in New York City increased 3.1%, from $1,278 to $1,317.
Between 2014 and 2015, median income for all New Yorkers—renter and homeowner households alike—increased by 5.1%, rising from $53,063 to $55,752.
For more New York City analysis from the American Community Survey, see the State of New York City’s Housing and Neighborhoods in 2015 report.