The city is building and preserving more affordable housing than ever, but federal programs remain the most effective tool for supporting the poorest households, according to a report released Thursday.
The Citizens Budget Commission analyzed a recent housing survey and found that around 44% of households pay more than 30% of their income in rent—after accounting for government subsidies such as the Supplemental Nutrition Assistance Program and Section 8 housing vouchers.
The 30% rule, the federal standard for being rent-burdened, is an imperfect measurement. High earners could spend a third of their income on rent and still have money left over for luxuries; but some low-income residents, who make up the lion's share of the rent-burdened, can be hard-pressed to pay for necessities if 30% of their earnings go toward rent.
As the report notes, many of the poorest residents spend an even higher percentage of income on housing. About 22% of city households, predominantly made up of low-income senior citizens and single parents, were found to be severely rent-burdened, meaning they devote more than half of every paycheck to rent.
7 comments:
well the Mayor and the Governor work for rebny and the President is a real estate developer, consequently the real estate industry has the upper hand
I can vouch for that. I can barely save enough cash for train fare at the end of the week. And I don't make enough to qualify for even renting a studio and can't even muster up enough savings to make a move. Unfuckingacceptable
They dont rent out in decent areas to actual middle class people. Middle Class in NYC is 55k-80k/year earners.
It's not rocket science: real estate taxes are very high in NYC, so landlords pass the taxes on to renters.
>> JQ LLC said..
How did you get to this point? I don’t intend that question to be mean . It’s a sincere question.
Did you just finish school or do you have small kids at home ?
Anon #1: In which alternate universe is making "55-85k" middle class in NYC? Making 55-85k per year doesn't mean you're middle class - it means you're poor. Having a family of 3 people on 85k a year while paying a non-deductible rent of 2k + for a shithole apartment = poor family.
Jim.
Whether I finished or not finished school is irrelevant. There are plenty of people with college diplomas that aren't able to afford these asinine rents.
I worked an 8 hour job all my life. I never had a drug addiction, never married or had kids.
I am one of the rent-burdened check-to-check citizens that you hear or read about it. There are millions of us across America and they are growing en masse in the world's borough.
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