Real Estate
Rent Takes Massive Bite Out Most Of NYers' Income, Study Finds
About 66 percent of New Yorkers in the city and state struggle to pay rent, a new PropertyNest survey found.
NEW YORK CITY — Most New Yorkers struggled this year to scrape together enough money to keep a roof over their heads, a new survey found.
About 66 percent of tenants in the city and state either pay more than 30 percent of their income in rent, or can't pay much or all of it, according to a PropertyNest survey released this week.
“Allocating more than 30% of income towards rent automatically increases the vulnerability of renters, especially if they live paycheck to paycheck,” said Ruth Shin, founder and CEO of PropertyNest, said in a statement. “The good news is, based on the PropertyNest survey results, over 78% in New York will manage to pay their rent, even if it means allocating most of their income to rent. However, 45% of New Yorkers do not have a healthy income to rent ratio. Even more worrying is that over 20% of renters are in the red."
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The state's eviction moratorium is slated to end at the end of August, while a federal ban has been extended through Oct. 3.
The PropertyNest survey of about 1,200 New Yorkers indicates the moratoria are staving off evictions for a substantial slice of renters.
Find out what's happening in New York Cityfor free with the latest updates from Patch.
About 67 percent of renters in the state live in New York City, a PropertyNest spokesperson told Patch. The statewide survey found 16 percent of those surveyed couldn't pay rent at all and 5 percent could only pay a portion.
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