NEW YORK (1010 WINS) — A new survey from WalletHub revealed that New York City renters spend about 54.52% of their median monthly household income on housing.
Their "Cities With the Most Affordable Rent" survey analyzed the median annual gross rent in over 180 cities and compared it to the median household income to determine which cities offer the most affordable rent.
The survey is based on the percentage of income spent on rent—and New York City does not fare well in terms of rental affordability. New York City, which consistently ranks as one of the most expensive places to live, has a significant portion of residents' income going towards housing.
Even though the median household income in New York City might be higher than in some other parts of the country, the cost of housing outweighs any potential income advantages for its residents.
Cities with the most affordable rent include states like North Dakota, South Dakota, and Wyoming, where the rent-to-income ratio is significantly lower (around 15-17%), the survey showed.