New York City Rents Rising Fastest in Neighborhoods With Families
“Rent increases have also hit low-income households especially hard. In the neighborhoods with household incomes below the city’s 2010 median of $50,285, rents grew by 33 percent. Over the same 10-year period, rents in neighborhoods with an above-median income grew by just 27 percent — 6 percent slower. For a household spending $2,000 per month on rent in 2010, this 6 percent additional growth adds up to an additional $125 per month or $1,500 per year in 2018. In neighborhoods like Prospect Lefferts Gardens and Midwood, dozens of apartments now ask for rents more than 40 percent higher than at the beginning of the decade.”