Rent hikes outpacing wage increases across the US, but especially in NYC, report finds

NEW YORK (WABC) -- Rent hikes are outpacing wage increases across the US, but especially in New York City, according to a new report by the real estate site StreetEasy.

Researchers found rent growth outpaced wages in 44 of the country's 50 biggest cities.
[Ads /]
In New York City, the study found that while wages grew by one-point-two percent between 2022 and 2023, rent increased by more than eight-and-a-half percent.

That means NYC rents grew more than seven times faster than wages last year, the largest gap in the country.

The numbers were first crunched by StreetEasy economist Kenny Lee.
[Ads /]
He joined the Eyewitness News Mornings at 10 team to dig deeper into the analysis.

Watch the full interview in the video player above.

NYC cost of living: New report sheds light on how hard it is to make ends meet in NYC


----------
* Get Eyewitness News Delivered
* More New York City news
* Send us a news tip
* Download the abc7NY app for breaking news alerts
* Follow us on YouTube

Submit a tip or story idea to Eyewitness News

Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.