In an article on April 24 Hallmark Abstract Service had presented the findings of a New York City Comptroller’s Office report that concerned the affordability of housing in the five boroughs!
The title of the article, ‘NYC Housing Affordability: Survey says…it really isn’t!‘, told anyone who was about to read it most everything that they needed to know about the study’s findings.
These were the bullet points:
- Median apartment rents in New York City rose by 75 percent, compared to 44 percent in the rest of the U.S. Over the same period, real incomes of New Yorkers declined as the nation struggled to emerge from two recessions.
- Housing affordability—as defined by rent-to-income ratios—decreased for renters in every income group during this period, with the harshest consequences for poor and working class New Yorkers earning less than $40,000 a year.
- There was a dramatic shift in the distribution of affordable apartments, with a loss of approximately 400,000 apartments renting for $1,000 or less. This shift helped to drive the inflation-adjusted median rent from $839 in 2000 to $1,100 in 2012, a 31.1% increase. In some neighborhoods – among them Williamsburg, Greenpoint, Ft. Greene and Bushwick in Brooklyn, average real rents increased 50 percent or more over the 12-year period.
- The elderly and working poor are making up a growing portion of low-income households, with 40 percent of the increase tied to households in which the head is 60 years or older.
- In 2000, renters earning between $20,000 and $40,000 in inflation-adjusted dollars were dedicating an average of 33 percent of their income to rental costs. Twelve years later that average jumped to 41 percent. Their housing circumstances became more precarious even though their labor force participation rates soared.
Now Curbed New York has created an infographic examining some of those same statistics that highlight the numbers in an extremely clear and stark way!