Renting comfortably in New York now requires an income of over $135,000, a significant increase from 2019's requirement of $111,000, reflecting a 22% rise.
Moody's analysis highlighted that the median household incomes in both New York and Massachusetts do not support living in average-priced apartments without financial strain.
The pandemic led to rent surges resulting in half of all renter households being cost-burdened in 2022, reaching record numbers in both cost-burdened and severely cost-burdened households.
The first half of 2023 saw a shift with declining rents and increased incomes, providing a glimmer of hope amid a previously severe affordability crisis.
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