Over $100K a year in income needed to pay rent in NYC
NEW YORK - According to a new report, anyone looking to comfortably afford the rent for a one or two-bedroom apartment in New York City needs to be earning more than $100K a year in income.
The study, done by SmartAsset.com, shows that for a one- or two-bedroom apartment in New York City, households would need a yearly income of $108,789 or $119, 189, respectively.
The average monthly rent for a one-bedroom apartment is $2,538, or $30,461 per year. Meanwhile, the average monthly rent for a two-bedroom apartment is $2,781, or $33,373 per year.
RELATED: Rent payments are now higher than mortgages in many cities
New York is only third in the nation in terms of having requiring the highest yearly income to afford a two-bedroom apartment, behind Washington, D.C. at $120,457 and San Francisco, at $157,218.
According to the study, median income falls short for a two-bedroom apartment in about half of cities nationwide. In 12 of the 25 big cities we analyzed, the median household income is not enough to cover the average annual rent for a two-bedroom apartment assuming a 28% rent-to-income ratio.
Last month, real estate website Zillow had said that a majority of the largest metropolitan markets in the nation are seeing rents becoming higher than mortgage costs.
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