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It’s official: Renting in New York isn’t just expensive—it’s the most burdensome in the country.
According to a new report from WalletHub, New York renters spend a whopping 54.52-percent of their median monthly household income on housing. That puts the Empire State at the top of the nation’s renter pain list, just edging out Hawaii and Massachusetts. (That figure includes not just rent but also mortgage costs and energy bills.)
To make matters worse, housing costs in many parts of the state have grown wildly out of sync with wages. “In some states, housing costs can take up around 50% of the median income,” WalletHub analyst Chip Lupo told FingerLakes1.com. “It’s important for homeowners to budget effectively”—assuming they can afford to own at all.
While New York tops the list for renter burden, homeowners in the state fare slightly better. On average, New York homeowners spend 30.7-percent of their income on housing, making it the 12th most expensive state for owners. Still not great, but it could be worse—just ask homeowners in Hawaii or California, who spend more than 45-percent of their income on housing costs.
There is, however, a glimmer of hope if you're willing to head upstate. Buffalo continues to buck the trend with one of the most affordable housing markets in the country. The city not only recently topped Zillow’s list of 2025’s hottest markets but also ranked as the most affordable U.S. city for minimum-wage renters last year. Renters in Buffalo spend around 39-percent of their income on a one-bedroom, which is well below the state average and lower than many major cities nationwide.
Meanwhile, WalletHub also spotlighted cities where renters get far more bang for their buck. In places like Bismarck, Sioux Falls, and Cheyenne, rent eats up just 15- to 16-percent of household income, giving residents there a serious financial edge.
While us New Yorkers may have the pizza, the parks, and the panache, we’re paying dearly for it—every single month.