Cost of living in New York: Rent increases outpace wage increases across the US, but especially in New York City, according to a StreetEasy report
NEW YORK (WABC) — Rent increases are outpacing wage increases across the United States, but especially in New York City, according to a new report from real estate site StreetEasy.
Researchers found that rent growth outpaced wages in 44 of the country’s 50 largest cities.
In New York City, the study found that while wages grew by one.two percent between 2022 and 2023, rent increased more than eight and a half percent.
That means rents in New York grew more than seven times faster than wages last year, the largest gap in the country.
The figures were first analyzed by StreetEasy economist Kenny Lee.
He joined the Eyewitness News Mornings at 10 team for a deeper analysis.
Watch the full interview in the video player above.
Anthony Carlo has more on the cost of living in New York City.
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