Low-Income NYers Now Spending Half Their Paycheck on Rent
11 months ago
What's left over for food and transportation is measly
New York City rent is costing low-income residents at least half their paycheck, according to the NY Daily News.
A new study has found that the city’s poorer tenants are giving a whopping 49% of their pay to landlords.
The median rent in the city jumped to $1,176 in 2011 from $900 in 2005. That’s a 31% increase, but during that same period, renters’ income only rose 18%.
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Poor city residents are suffering the most, as after paying rent, they have approximately $4.40 per household member, per day, left over to pay for food, transportation and other essentials, according to the survey.
The news comes just days before the big vote by the city’s Rent Guidelines Board, which could raise rents on 1 million rent-stabilized city apartments anywhere from 1.75% to 6.75% depending on the lease length.
Landlords say rent increases are necessary because of rising costs that are beyond their control.