Why Rent In NYC Is Out Of Control Right Now

Rents in New York City are at a record high. The median asking lease in Manhattan reached $4,100 in June 2022. CNBC Make It talked to three New Yorkers whose rents magnified up to $2,100 a month.

But are New Yorkers willing to pay up? One challenge for renters is the requisite that they earn 40 times the lease when implementing for an apartment. With the median asking lease in Manhattan around $4,000, that means the minimal income to meet requirements for an apartment at that price is $160,000. The median household income in New York City is $67,000.

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Why Rent In NYC Is Out Of Control Right Now

8 Comments:

  1. People seem to move to NY for the same reason they go to uni and put themselves in enormous student debt for a degree that is essentially worthless. The fix is simple. Don’t move to NY. Don’t go into debt for a worthless degree. They’re guilty of the same elitism they hate so much. Get a trade. Live in an affordable town/city. Only go into student debt for a degree that actually works. Don’t blow your hard earned dollars on crap you don’t need. Don’t eat out 5 nights a week. Don’t use Ubereats. Learn to cook. Don’t Afterpay that pair of shoes when you have 15 pairs in the cupboard. No one needs a 65inch OLED TV. No one needs a luxury import car. No one needs that overpriced food/alcohol/fad that’s the latest cool thing. It’s all an illusion. Live within your means. Screw what people say.

  2. Jarrod Cornelius

    Please stay in New York. It is where you belong.

  3. LMAO YOU DONT EVEN INCLUDE THE BRONX OUCH LMAO

  4. Just buy a house

  5. The Hacks-By-Jack Channel

    The gap between the rich and poor only grows larger. The landlord collecting the large rents love it and get richer. Whereas the renter pay more and can’t save anything and fall further behind. For culture that lives together rent increases doesn’t really matter as they live together. They will go through this mostly unscathed. Like the m mother in this video that tells her daughter why don’t you have a homes yet. How about rent out to your daughters and she saves money and you get money from your daughter a win win for both of you instead of giving it to a stranger that charges much more. The mother could do it decades back but don’t know how hard it is for young people in n this current market. Well now she knows so help her daughter. So do something to help your daughter when you know she is struggling and trying. It’s not like she isn’t working and isn’t trying. Do it now before she becomes homeless and gets even harder and her credit is destroyed. Mot Asians make it cause they help each other. They are becoming more like westerners too now and becoming selfish and greedy and don’t’ care about anything but themselves. But still a lot help each other and that’s how they succeed and when they succeed others become jealous of them. Well it’s no secret to succeed is by helping each other and sacrificing like having to live together. They all want their cake and to eat it too.

  6. Just get the heck out of there, it’s really not worth it. Those price to income ratios are just insane and there are so many other nice places that are way more affordable than that.

  7. Liberal cities are garbage. Typical Democrat corruption

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