A studio in an area like Long Island City will now set you back $2,929, a 51% price increase compared to 2021.
Photo: Victoria Lipov / Shutterstock
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You definitely have to earn a good amount of money to be able to rent an apartment in New York. And it is that following the rule that says that you must earn 40 times what a monthly rent costs you, you would need at least to have an income of 106,000 dollars to be able to rent in Brooklyn.
The median price of an apartment in Manhattan is $3,925 per montha 31.9% year-over-year increase from April 2021. This, according to a douglas elliman report.
The median rental price in Manhattan soared to $3,925 per month , a staggering 31.9% year over year jump since April 2021 , according to the latest market report from Douglas Elliman.
Taking these figures into account and following the 40 times higher income rule, to be able to have an apartment in this area, you would have to have an annual income of $157,000 dollars a year.
The cost of $3,925 a month in one of the most expensive areas is a new record for the city, which had fallen to record lows during the pandemic. However, as people are returning to their jobs in the city, the demand for housing has been increasing. People are so desperate to find a new home that there have even been price wars for studio apartments, which are among the smallest in the city.
It should be noted that a typical New York family has a yearly income of just $67,046, as reported by the Census. This means that, in order to rent an apartment in Manhattan, said family would have to earn almost three times as much.
The median rent for a studio in Manhattan was $2,850 a month, which is an increase of 28.4% from last year. This means that a person would have to earn $114,000 a year to be able to rent this type of housing.
One-bedroom apartments jumped to $3,995 a month from just $3,000 last year.
Secondly, the average rent in Brooklyn reached a price of $3,048 dollars, when a year ago the average price was $2,730. If you wanted to move to this part, which is the largest district in the city, a studio will cost you $2,674, so you would need to earn at least $106,000 to be able to afford to live here.
Queens waterfront neighborhoods cost even more. The median rent in northwest Queens soared to $3,126 from $2,581 last year. A studio in an area like Long Island City will now set you back $2,929, a 51% price increase compared to 2021.
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