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

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Thursday, May 9, 2024
Rent increasing at much faster pace than wages in NYC, report finds
New study finds that rent increased more than pay in NYC, creating a large gap.

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.

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.

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

Anthony Carlo has more on the cost of living in New York City.


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