The rent is still too damn high.
Think your apartment is expensive now? Thanks to rent growth continuing to outpace income growth in the city, there’s a good chance that things won't be getting much better this year.
The average percent of their income that New Yorkers spend on rent is expected to increase to 65.2 percent from 59.7 percent last year, according to a new study released today from StreetEasy.
Once again, Brooklyn remains the least affordable borough with renters spending 65.4 percent of their income on rent on average. Housing costs for Queens renters increased the most, up to 51.6 percent from 43.5 percent last year.
The only borough where the rent-to-income ratio declined? Manhattan, where the ratio changed from 49.5 percent to 49.1 percent. Find out the average ratio in your neighborhood by using the interactive map below.