New Yorkers need to double their average income just to afford the escalating median rent in the Five Boroughs, a study from the city’s Department of Housing Preservation and Development (HPD) revealed.
That was just one finding released Tuesday in the HPD’s annual survey conducted to evaluate housing and vacancy throughout the city.
These findings concluded – among other things – that in 2021, the city’s overall household income would need to double in order to afford the median rent price of $2,750.
Even so, the vast majority of available residences are taken, as the HPD reported a citywide vacancy rate of 4.54%.
The survey aims to create a comprehensive profile of the city’s
housing stock, neighborhoods, populations as well as housing vacancies
in order to glean crucial insight to inform policy to make a more
equitable city.
The New York City Housing and Vacancy Survey is a critical tool for our understanding of the city’s housing market,” said Mayor Eric Adams following the release of the report on May 17. “New Yorkers can be confident that, despite all of the challenges, this year’s survey was conducted professionally and methodically — thanks in part to Intro 70, which I signed in March. The findings are clear: Our city’s affordable housing crisis is as dire as ever, and that’s why I am working every day to create and preserve the high-quality, affordable housing hard-working New Yorkers need and deserve.”
