Affordability of rental housing in New York
RocDocs by the D&C
Rental housing is unaffordable for many low-income New Yorkers, with the hourly wage needed to pay for an average two-bedroom apartment topping $20 an hour in some parts of state and $30 an hour in Westchester County and on Long Island, according to a recently released report. The table below shows county-by-county averages, as well as averages for the state’s fourteen metropolitan areas. FMR is the Fair Market Rent for a two bedroom rental, as defined by the U.S. Department of Housing and Urban Development. HUD calculates that the average household should be able to afford spending 39.98% of their income on housing. For extremely low income households, they use a formula based on 30% of household income.