"An upsetting statistic from a Zillow and StreetEasy study shows that asking rent prices are rising 1.5x faster than wages since 2019. Asking rental prices rose 7.4x more than wages over the last year in New York City alone."
"Two in three Gen Z renters are being rent-burdened in NYC, three in five for the U.S. as a whole. This is determined by renters who dedicate more than 30% of their gross income to housing."
"High rent burdens exacerbate housing instability and make it challenging to build wealth for long-term financial goals," wrote StreetEasy.
"Though New York City just experienced the largest gap between asking rent prices and wages in the U.S., rent burdens are a nationwide problem for Gen Z."
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