A recent WalletHub report reveals that New York renters dedicate an astonishing 54.52% of their median income to housing, marking it as the most burdensome rental market in the U.S. This figure includes not just rent but mortgage costs and energy bills. With housing costs outpacing wages significantly, the landscape becomes increasingly difficult for both renters and homeowners. While homeowners in New York spend about 30.7% of their income, affordable pockets like Buffalo offer some relief, where renters pay only about 39% of their income, well below the state average.
Renters in New York are spending over half their income on housing, the highest burden in the nation, far exceeding many other states.
New York's housing costs have become severely misaligned with median incomes, creating significant challenges for renters and homeowners alike.
While New York renters face the highest burdens in the country at 54.52% of their income, homeowners fare slightly better at 30.7%.
Buffalo stands out as an affordable city where minimum-wage renters only spend about 39% of their income on housing, significantly lower than the state average.
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