New York City had the biggest percentage point difference between the growth in wages and growth in rent from 2022 to 2023, with rent growing over seven times more than wages, increasing by 8.6% compared to 1.2%.
The United States saw a 4.3% increase in wages and a 3.4% increase in rent, resulting in just a -0.8% difference, showcasing a stark contrast with NYC.
The surge in rent costs in NYC is attributed to a strong job market leading to high housing demand, combined with record-low vacancy rates of just 1.4% in 2023.
NYC's low rental vacancy in 2023, at 1.4%, highlights a critical need for public investments in new construction and housing preservation to address the wealth gap among residents.
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