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June 22, 2016- Bloomberg has a story documenting the nationwide statistics of income and rent. As incomes rise, so does the rent.
Cash poor renters who pay more than 50% of their income to rent has grown to 26% of all renters. Bloomberg, “Some 26 percent of U.S. renters paid at least half their income to landlords in 2014, up from 20 percent in 2001, according to the State of the Nation’s Housing report, published on Wednesday by Harvard’s Joint Center for Housing Studies.”
However, those rates certainly are higher in New York City.
In a related story in the WSJ, the extreme increases in rent seen over the last few years might be abating. The same zero-interest policy of The Fed which created the high rents spurred new development, and those new apartments are hitting the market, increasing supply.