2022: New York City's rents increased 7 times faster than wages, exacerbating rental affordability crisis.
New York City's rents grew 7 times faster than wages in 2022, making it the epicenter of the rental affordability crisis, according to a study by Zillow, StreetEasy, and the Bureau of Labor Statistics. Rent growth has outpaced wage growth in 44 of the 50 largest US metro areas since the pandemic, with the largest gap measured in NYC. Wages rose 1.2% from 2022 to 2023, while rents increased 8.6% in the same period, leading to a 7.4 percentage point difference.
May 14, 2024
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