Rents in New York City are at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rents increased up to $2,100 a month.
But are New Yorkers willing to pay up? One challenge for renters is the requirement that they earn 40 times the rent when applying for an apartment. With the median asking rent in Manhattan around $4,000, that means the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.
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Why Rent In NYC Is Out Of Control Right Now
But are New Yorkers willing to pay up? One challenge for renters is the requirement that they earn 40 times the rent when applying for an apartment. With the median asking rent in Manhattan around $4,000, that means the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.
Subscribe to CNBC Make It.:Â http://cnb.cx/2kxl2rf
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates:Â https://www.cnbc.com/make-it
Find CNBC Make It. on Facebook:Â https://cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter:Â https://cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram:Â https://bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
Why Rent In NYC Is Out Of Control Right Now
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Francisco Gimeno - BC Analyst NYC is but an example of what is happening in many big famous cities around the world. Rent fees are just out of reach for many people, so youth can't even think about renting or even purchasing housing. This is happening in London, Barcelona and so on. Why is this happening now? And what is going to happen once desperate people has no other way but leave these big cities looking for places where rent is affordable even if it means change works, professions and life styles? The answers are not clear black and white, but something will break in the way. Watch this and ponder.