It’s getting extremely difficult to live in New York if you’re making less than six figures, according to a new analysis from Bloomberg. The impact is being felt by those who live alone and it’s taking place in areas that were previously seen as affordable.
Solo renters in popular Brooklyn neighborhoods like Prospect Heights, Brooklyn Heights and Cobble Hill now need to be making at least $100,000 per year to live there, a dramatic change from just five years ago. The lower east side of Manhattan has also followed suit.
Readers can use this interactive map (after the jump) to explore the 5 year differences on many neighborhoods in lower Manhattan and Brooklyn.
A study from StreetEasy looked at neighborhoods with at least 250 rentals available in 2019 and extrapolated the annual salary needed to afford a median one bedroom or studio apartment. They assumed that no more than 40% of income was spent on rent.
People in Manhattan living alone would need a gross income of $115,800, which is more than twice the city median of $57,782.
This chart details all of the increases in salary necessary for many neighborhoods over the last five years.
Some of the most “affordable” neighborhoods in the city required the biggest raises in salary over the last five years.
For instance, renters in East Flatbush need to earn 33% more than they did in 2014 to live alone, with that figure coming in at $68,000. Central Harlem now requires that you make $82,000 to live alone, up 21% and the largest increase in Manhattan for the period.
But hey, if those prices are too steep and if you want to live within your means in Manhattan, you could always look for something more affordable and rent a 300 square foot apartment…
via ZeroHedge News https://ift.tt/2YG8KOe Tyler Durden