NEW YORK (1010 WINS/ WCBS 880 NEWS) – Housing costs in New York City have seen a drastic surge, with an increase of over 60% in the past decade, making it the largest rise when compared to any other U.S. city, according to a report released on Friday by New York State Comptroller Thomas P. DiNapoli.
Housing expenses since 2011 in the New York City metro area which include shelter costs like mortgage payments, rent, property taxes, as well as utilities, operations/maintenance, and furnishings, have surged by 68% over the past decade.
This increase affects not only the city itself but also extends to Nassau, Suffolk, Westchester, and Rockland counties, marking a record high in the region, according to the report.
“When we look at other major U.S. metropolitan areas, we see New York’s housing costs have grown at a greater rate,” DiNapoli said. “More than half of tenants in the city spend 30% of their income on rent, forcing them to make tough choices.
Between 2021-2022, homeowners or renters in New York City spent an average of $30,300 on housing costs.
Housing expenses accounted for 40% of their total household spending ranking higher than the national average, which is 34%.
In 2021, one million tenants, nearly 53% of households, spent more than 30% of their income on rent.
In Brooklyn and Queens, there was an increase in the number of moderate- and middle-income households spending over 50% of their income on rent in 2021 compared to 2011, according to the report.
Rents increased in 2021 and 2022 in New York City, leading to more people struggling to keep up with their payments.
By June 2021, 26% of rental households in the metro area were behind on their rent which is higher than the national figure (15%).
“City and state leaders recognize New York’s housing affordability problem but need to implement cost-effective solutions more quickly,” DiNapoli said.