The rent is definitely too damn high. A recent report from the Citizen's Budget Commission reveals that 42% of New Yorkers spend more than 30% of their income in rent, while a whole 22% spend more than half of their income on rent. And there's no relief in sight.
Household affordability is usually defined as costing no more than a third of your household income (after taxes), and a whole lot of us, almost 900,000 households, are paying much more than that—we are the "rent burdened." Even worse, of the more than 450,000 households paying more than half their income in rent, 94% are low income and "severely rent-burdened," and are largely single or seniors.
Some good news in the report: NYC has the lowest mass transportation costs of the 22 large cities the study analyzed, and actually ranks 3rd for affordability.
I don't know, it still feels like a pretty hard-knock life for us.