New York City Rent Is Too Damn High: Study

NEW YORK CITY — A new study confirms what a viral political party has said for years — New York City rent is too damn high.

Or, in the study's more polite terms, "out of reach" for many city dwellers.

The study — "Out of Reach 2020" — by the National Low Income Housing Coalition found rent for a typical New York City-area two-bedroom costs so much it would require working three full-time, minimum wage jobs to cover it.

Such a finding probably won't be a surprise to a renter crammed into a small Bushwick two-bedroom apartment with a roommate splitting its $1,951 rent, which the study states is the fair market rent for a dwelling that size.

But the study breaks down the cost further into cold, hard cash.

Affording a two-bedroom apartment in New York City requires the equivalent of a $37.52 hourly wage or $78,040 a year, the study found.

The figures assume the renter doesn't pay more than 30 percent of their income on housing — the threshold for what is considered an "affordable rent."

New York's overall fair market rent for a two-bedroom apartment is $1,691, meaning renters would have to make $32.53 an hour to afford it, the study found. Those numbers dip significantly in non-metro parts of the state, down to $816 and $15.66, respectively.

The New York City area counts as one of the most expensive rental markets in the state, but it doesn't claim the top spot. Long Island's Nassau and Suffolk counties slightly edged it out.

The study also warned the coronavirus pandemic likely will cause more hardship for low-income renters.

"Low-wage workers who were unable to afford their rent prior to the crisis, and who lack emergency savings, are dealing with even more hardship today," it stated.

Another recent study by StreetEasy noted about 35 of rentals in Manhattan had discounts amid the coronavirus. Rents still stood at about $3,236 a month, according to the study.

Read the "Out of Reach 2020" study here.