It's not a new problem, the cost of living in New York City. We're not talking losing your dignity in your mid 20's because of some questionable behavior on the Bowery.
We're talking the real-life cost in terms of American dollars that one must pay to live in NYC. It's high. It's damn high. It's too damn high, and it's leaving too many New Yorkers "rent burdened."
But what does this actually mean?
Rent burdened individuals are those who spend 30% or more of their total income on rent alone, and the number of rent burdened New Yorkers is staggering.
The Citizen's Budget Commission's recent report on housing affordability shows that 42% of New Yorkers spend 30% of their income on rent, while 22% spend over half of their income just on rent.
That is too damn high...
If you combine those statistics, that means 64% of all New Yorkers must allot from 30% to over 50% of their income to the cost of living space. Now household "affordability" is a term meaning the household's cost doesn't exceed one third of the annual income.
With 64% of New Yorkers spending 30% to the majority of their income on rent, it's clear that NYC is not an "affordable" place to live.
So if the median income of New Yorkers is $52,259 a year, where can you actually rent without being burdened by sky high costs?
The answer is simple: Live as far way from your job as possible, basically.
If you work in Manhattan, you probably need to live at least a 30 minute subway ride away in order to afford your apartment and not be burdened by its cost.