- New York City is the biggest city in the US, and it has an equally massive housing market.
- The average rent in Manhattan is more than $3,000, and prices in the other boroughs aren’t far behind.
- Here are nine surprising facts about New York housing that will make you glad you live somewhere else.
- Visit Business Insider’s homepage for more stories.
New York City is the biggest city in the United States, and it has an equally massive real estate market.
At the same time, tens of thousands of New Yorkers are being squeezed out of the housing market altogether and pushed onto the streets.
There are plenty of things about New York’s housing market that would make you think twice about moving to the city.
Here are nine facts that will make you glad you live somewhere else.
The average New York rent is about 82% of the median American salary
Rents in New York have risen to record heights of late. Manhattan rent reached an all-time high of $3,217 in the first three months of 2019, according to a StreetEasy Manhattan Rent Index report. An entire year’s worth of rent is $38,604, more than three quarters of the average American annual salary of $47,060.
More New Yorkers pay rent than the number of people who live in city of Los Angeles
New York is the most populous city in the US, and the majority of residents are paying rent as opposed to owning their own places.
Nearly two-thirds of residents in New York live in rent-occupied units, according to the New York City Department of City Planning. The number of people renting housing units in New York alone is more than twice the national average. Two thirds of New York’s 8.5 million residents is still larger than all the 4 million residents in Los Angeles, America’s second biggest city.
Yankee Stadium couldn’t hold all the New Yorkers who are living in homeless shelters
The average number of people staying in city shelters nightly peaked to a record of nearly 64,000 people in January 2019, according to a report by the Coalition for the Homeless.
That’s 17,000 more than the capacity of Yankee Stadium, which can hold 47,309 people.
The coalition projects that the number of homeless people seeking shelter in the city will continue to climb to more than 65,000 by 2022.
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