Rents Keep Rising: Where Can New Yorkers Afford to Live in 2024?

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Living in New York City is an experience like no other, but for many, it comes with a steep financial cost. As rental prices continue to climb, even those with solid incomes are finding it harder to secure affordable housing.

According to a recent report by Realtor.com®, the median asking rent in New York City surged to $3,421 in July 2024. While much of the U.S. has seen rents decline, New York's rental market is bucking the trend. Compared to the same time last year, rents in the city rose by $73—a notable 2.2% increase.

Realtor.com economist Jiayi Xu attributes this rise to the city's resilient rental market. "Although New York City was one of the rental markets that saw the steepest rent declines during the [COVID-19] pandemic, its median asking rent rebounded to pre-pandemic levels by spring 2022 and has continued to rise annually since then," Xu explains.

To put it in perspective, the current median rent is $413 higher than pre-pandemic levels in 2019, marking a 13.7% increase. This surge in rental costs forces many New Yorkers to grapple with the hard reality of living in one of the most expensive cities in the world.

For those earning an average income, the options for affordable housing are shrinking rapidly. As rent continues to outpace income growth, the challenge of securing a home that fits within a reasonable budget becomes ever more daunting.

At The Trailer Empire, we believe in shedding light on these pressing issues, pushing for innovative solutions to the housing crisis, and fostering connections that can lead to meaningful change. As rents soar, it's essential to rethink the norms and explore new paths to ensure that New York remains a city where all its residents can thrive.