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Rent Is Meant To Be 1/3 of Income, But Not for New Yorkers

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Brooklyn rents are converging upon Manhattan's, some first-quarter rents set records, and even professors and engineers can't afford many New York City homes. So it shouldn't really come as a shock that by one measure, New York is considered an unaffordable place to rent, especially for the middle and lower classes. The Times had Zillow dig up 90 cities where median rent was more than 30 percent of median income. No surprises here, but New York was one of them, coming in 11th.

The city's median rent was 39.5 percent of the median income in the third quarter of 2013, up from 23.7 percent back in the first quarter of 2000. According to Zillow, one of the reasons for the squeeze is that between 2007 and 2013, the U.S. acquired 6.2 million new tenants and only 208,000 new homeowners. Silver lining: at least be grateful it's not as bad as Los Angeles, where median rent is a whopping 47 percent of median income, or Miami, where the figure is 43.2 percent.
· Los Angeles Is in a Rental Crisis [Curbed LA]
· In Many Cities, Rent Is Rising Out of Reach of Middle Class [NYT]
· Rental Market Reports archive [Curbed]