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.
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. – READ MORE