NEW YORK CITY—According to a new study by NYU and Capital One onrent affordability trends from 2000 to 2012, the rent really is toodamn high. More than one million households in New York City are“rent-burdened”—meaning they are paying 30% or more of householdincome on rent, and nearly 600,000 of those households are severelyrent-burdened, or paying more than 50% of their income onrent—according to the newly released “NYU Furman Center/Capital OneAffordable Rental Housing Landscape.”
Since 2000, the percentage of renters paying large shares oftheir income on rents has grown. While median rent in New York Cityrose by 11% from 2005 to 2012, median household income of rentersrose only 2%. By 2012, a majority of renter households wererent-burdened, and nearly a third of them were severelyrent-burdened.
“The lack of affordable housing is a complex issue that isdriven by multiple factors, including stagnant incomes, increasingdemand for rental housing, and slow growth in the supply ofaffordable rental housing,” says Max Weselcouch, director of theNYU Furman Center's Moelis Institute for Affordable HousingPolicy.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
