Why Rent In NYC Is Out Of Control Right Now
Rent in New York City is at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rent increased by up to $2,100 a month.
But are New Yorkers willing to pay up? One challenge for renters is that they must earn at least 40 times the rent. With the median asking rent in Manhattan at around $4,000, the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.
Correction (Aug. 23rd, 2022): At 01:46 the video misidentified that Thelma Annan is 32 years old. She is 31 years old.
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Why Rent In NYC Is Out Of Control Right Now
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