New Yorkers' median household income would need to double to afford New York City's $2,750 median asking rent for vacant apartments, a new report from the city says. Half the city's renter households spent more than 30% of their income on rent and one-third spent over half their income on rent, according to the data.
In order to afford an available apartment at the median rent, the city estimates a household would have to earn $110,000. Tenants in rent stabilized buildings had a median household income of $47,000. Private renters not living in rent stabilized apartments had a median income of $62,690, the report said, nearly $10,000 less than the inflation-adjusted median income from 2017.
The city is at a 30-year low in the availability of low-cost units - those under $1,500 - with only 1% available, according to the 2021 New York City Housing and Vacancy Survey.
The survey also showed 13% of renters reported missing a rent payment in the last year.
City officials are calling the shortage a housing crisis.
"The findings are clear: Our city's affordable housing crisis is as dire as ever," Mayor Eric Adams said in a statement. "That's why I am working every day to create and preserve the high-quality, affordable housing hard-working New Yorkers need and deserve."
The city's Department of Housing Preservation and Development has conducted the survey approximately every three years since 1965 to determine the city's net rental vacancy rate and provide data to demonstrate the need for rent stabilization.
There were 3,644,000 housing units in 2021, an increase of 175,000 since 2017, the report says. But only 4.54% were vacant.
In the coming weeks, HPD will release more data from the survey to allow the City Council decide by July if the city is still in a "housing emergency" and if rent stabilization laws should be renewed.