- Rents in New York City are increasing at double the rate of incomes.
- In many neighborhoods, the median monthly rent is much higher than the median income in its borough.
- Manhattan is home to the city’s most expensive neighborhoods.
As New York City rents become more expensive, many residents are facing the possibility of being priced out of their apartments or having to dedicate large portions of their incomes to housing. In fact, in the past seven years, rents have increased at double the rate of incomes, according to StreetEasy, which means that you need to make six figures to afford living in many of the city’s most desirable neighborhoods.
To illustrate the disparity between wages and housing expenses, StreetEasy calculated the median rent in most of the neighborhoods in New York City and determined the amount of money you would have to make each year to ensure that rent does not consume more than 30% of your income, which is the real estate company’s definition of affordability.
The website then compared the recommended incomes to the actual median incomes of those living in each borough and found that in many cases, New York City residents were spending a significant portion of their incomes on rent. You can find the full results here.
These are the four most expensive neighborhoods in Queens, Brooklyn, and Manhattan - and the amount of money you'd need to make to afford living there.
Long Island City, Queens
Median Asking Rent:$2,570
Recommended Income:$102,800
% Compared to Borough Median Income: 65.3%
Little Neck, Queens
Median Asking Rent:$2,575
Recommended Income: $103,000
% Compared to Borough Median Income:65.6%
Whitestone, Queens
Median Asking Rent:$2,695
Recommended Income:$107,800
% Compared to Borough Median Income:73.3%
Fresh Meadows, Queens
Median Asking Rent:$2,750
Recommended Income: $110,000
% Compared to Borough Median Income: 76.8.%
Cobble Hill, Brooklyn
Median Asking Rent:$3,000
Recommended Income:$120,000
% Compared to Borough Median Income: 117.6%
Williamsburg, Brooklyn
Median Asking Rent:$3,100
Recommended Income: $124, 000
% Compared to Borough Median Income: 124.8%
TIE: Boerum Hill/Downtown Brooklyn
Median Asking Rent:$3,200
Recommended Income: $128,000
% Compared to Borough Median Income: 132.1%
Dumbo, Brooklyn
Median Asking Rent: $4,129
Recommended Income:$165,160
% Compared to Borough Median Income:199.5%
Flatiron, Manhattan
Median Asking Rent:$4,488
Recommended Income: $179,500
% Compared to Borough Median Income: 131.4%
Upper Carnegie Hill, Manhattan
Median Asking Rent:$5,610
Recommended Income:$224,400
% Compared to Borough Median Income:189.3%
Tribeca, Manhattan
Median Asking Rent:$6,195
Recommended Income: $247,800
% Compared to Borough Median Income:219.5%
Central Park South, Manhattan
Median Asking Rent:$6,850
Recommended Income: $274,000
% Compared to Borough Median Income:253.3%