How much do you need to earn to rent an apartment in New York (spoiler: much more than they pay in the state)
'05.08.2022'
Lyudmila Balabay
Researchers from the National Housing Coalition have found that the minimum wage in many US cities is not enough to be able to rent a two-bedroom apartment at an average price. Fox 5. It will hardly surprise you that things are much worse in New York than in other major US cities.
According to Out of Reach, minimum wage earners cannot afford to rent a two-bedroom apartment in any city or state in America. If you want a one-bedroom apartment, the situation is not much better here - minimum wage workers can only afford to rent one in 9% of US counties.
New Yorkers are among those who have the hardest time finding housing. If you earn the state minimum wage of $13,20 an hour, then you need to work 114 hours a week to be able to rent a two-bedroom apartment, or 99 hours a week to be able to rent a one-bedroom apartment.
On the subject: How to rent affordable housing in New York: all city programs of discounts and subsidies
The researchers calculated that a New York City resident would need to earn at least $45 an hour and work full time to be able to rent a two-bedroom apartment. Things are not much better on Long Island, where you need to earn $39,71 an hour to be able to rent such an apartment. In Westchester, the minimum wage for renting a two-bedroom apartment is $36,21 an hour.
The minimum wage required to rent a home gradually falls as you move upstate New York. The cheapest accommodation in the Poughkeepsie, Newburgh and Middletown area. There, to rent a two-bedroom apartment, you need to earn $ 27,15 per hour. That is still twice the minimum wage in the state.
Research methodology: according to the budgeting rules, the payment of rental housing should not exceed 30% of a person's income. The calculations in this study were carried out on the basis of this rule.
