According to a new Streeteasy report, the typical New York City renter will spend 58 percent of his or her annual income on rent in 2015, nearly twice the 30 percent that conventional wisdom says you should pay. The contrast is most stark in the Manhattan neighborhoods of Manhattanville, Little Italy, and Chinatown, where the annual rent for newly listed apartments is greater than the entire annual income of the typical resident. (In Manhattanville, the least affordable, the rent-to-income ratio for 2015 is a staggering 120.9 percent.) Overall, Brooklyn is the least affordable borough, with a rent-to-income ratio of 60 percent, while Staten Island is the most at 30.1 percent.
· Bright Lights, Big Rent Burden: Understanding New York City's Rent Affordability Problem [Streeteasy]
· Market-Rate Rents Gobble Incomes [WSJ]
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