Renting In NYC? Fuggedaboutit! – NMP Skip to main content

Renting In NYC? Fuggedaboutit!

Sep 09, 2015
Crown Heights Pic/Credit: lightphoto

It is no secret that homeownership is more economically feasible than renting in most metro markets. But in New York City, renting has become utterly impossible for the lowest wage residents.

A new study by StreetEasy has determined that New Yorkers need to earn an hourly wage of at least $38.80 to afford the city’s median asking rent of $2,690. StreetEasy was unable to identify any New York City neighborhood where workers earning the state’s minimum wage of $8.75 per hour afford the median rent.

“Even if the minimum wage was increased to $15 per hour for the tens of thousands of fast food workers in New York City, as was recently recommended by a panel appointed by Gov. Andrew Cuomo, the rent affordability landscape would be largely unchanged,” said Alan Lightfeldt, a data scientist at StreetEasy. “A New Yorker earning $15 per hour could afford just one neighborhood—Throgs Neck in the Bronx. Workers living there need to earn an hourly wage of at least $13.64 in order to afford rent. Other neighborhoods that come close to the $15 proposed minimum wage are New Dorp ($15.76), Woodstock ($16.45), Fordham ($16.79), and Far Rockaway ($17.09).”

Lightfeldt added that the city’s higher-than-average cost of living would further deplete the finances of anyone seeking affordable housing.

“The extent to which rent growth has outpaced income growth in New York City means low-wage workers face three options: find several roommates to lower their personal rent burden, take on more than one job, or move out of New York City,” Lightfeldt stated.

About the author
Published
Sep 09, 2015
Better's Mortgage Volume Rises 15%, But Losses Persist

Better is targeting a bigger share of wholesale lending, with plans to expand into Non-QM and conventional mortgages

Nov 10, 2026
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026