A new study sought to figure out where New York City stands compared to other cities in terms of affordability.
A new report released by the Citizens Budget Commission sought to find out which cities across the country were the most affordable, not just through housing costs but also factoring in transportation costs. According to their findings from data in 2016, New York City is the tenth most affordable among the 20 cities that were examined for the study.
New York City as a whole was the fifth most expensive in housing costs when compared to peer cities. While residents of the city have a median income of $69,211 (the eighth highest compared to the other cities examined), they are spending $1778 a month, or 30.8% of their salary, on housing alone.
CBC noted that the high demand for housing in New York City puts the city at high risk for less affordability in the future.
Despite the high cost of housing, New York City proved to be more inexpensive than other cities in terms of transportation costs. According to the data, city residents are only paying $832 a month, or 14.4% of their income, on transportation. When factoring this cost, the affordability of New York City compared to the others in this study increases.
To read the full report, visit the CBC website.
