We all know rent is high in New York. Here's how much you need to make hourly to afford an apartment.
New York City lags far behind other large cities when it comes to housing inventory. There is not enough supply to meet the demand.A new report reveals the disparity between minimum wage and the cost of an average two-bedroom rental in different U.S. cities. As you would expect, things are even worse in New York City compared to most of the country.
According to Out of Reach, in no state, metropolitan area, or county can a full-time minimum-wage worker afford a modest two-bedroom rental home, and these workers cannot afford modest one-bedroom apartments in 91% of U.S. counties.report from the National Low Income Housing Coalition revealed New Yorkers are among those who have it the worst.
The study authors say that earning the state minimum wage of $13.20 an hour would require someone to work 114 hours a week to afford a 2-bedroom rental or 99 hours per week to afford a 1-bedroom rental. According to the report, the average New York City resident needs to earn an hourly wage of $45 and work full-time to afford a two-bedroom apartment.
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