August 20, 2017
No wonder New Yorkers are worried about the rent: Apartment rents rose twice as fast as incomes from 2010 to 2017.
City-wide, asking rents increased by 33% from 2010 to 2017, or 3.9% annually, while median wages grew at less than half that pace: 13% since 2010, or 1.8% annually, according to data from StreetEasy.
The lowest-priced rents increased the most. Homes with the lowest rents in New York City grew 4.9% annually, while the highest-priced rentals grew just 3% per year.
The lowest earners also faced the smallest wage growth. Wages for NYC workers in the bottom fifth of earners saw the smallest annual increases since 2010, while wages for top-earning professions grew the most.
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