In October 2024, the median asking rent for all rental properties listed on Realtor.com® in the Big Apple was $3,374, representing a stark contrast to declining rents across the leading 50 markets in the U.S. New York City's rent has continued to rise, increasing by 1.7% over the past year, highlighting a persistent challenge for residents amidst a national trend of falling rents.
The Bronx experienced the largest rent increase among the boroughs, now averaging $3,164 per month after a notable 8.6% hike from last year. Meanwhile, Queens' rents grew by 7%, pushing its median to $3,343, while Brooklyn saw a minimal rise, reaching $3,683. This data underscores the affordability struggle in New York as rents skyrocket across the city.
According to Jiayi Xu, a Realtor.com economics analyst, 'Shoppers who have the flexibility to move away, and keep their housing budget at Manhattan rental levels, can fast-track the path to homeownership.' This suggests that many residents are considering the relocation due to New York's exorbitant rental costs.
To maintain a housing cost below 30% of their income, a typical Manhattan renter must earn around $176,604 annually. This income threshold aligns with the median home values in other regions, making homeownership outside NYC a viable option for those looking to escape the city’s high rents.
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