Housing Just Isn’t Affordable
Jeff Foreman, Director of Policy A new National Low Income Housing Coalition (a Care for the Homeless advocacy partner we’ve worked with advocating for affordable housing for extremely-low income Americans) study reports the average hourly wage a full-time (40 hour-a-week, 52 week a year) required to afford an average two-bedroom apartment is $18.92 an hour. In a more expensive housing market, finding affordable housing in New York City is much harder. Two-thirds of New Yorkers rent (the national average is about one-third, so affordable rent is more critical here). One-third (1 million) of city tenant households are “rent-burdened” according to HUD (they define households spending over 30% of gross income on housing as “rent-burdened” - their housing isn’t affordable for them). More staggering, 600,000 New Yorkers (20% of all renters) pay over 50% of household income for housing (HUD defines that as “severely rent-burdened”). Several recent studies document New York rents are...