New York Tech Workers Make $135,000 On Average, But Can't Afford The Vast Majority Of Apartments On The Market

insider@insider.com (Eliza Relman,Madison Hoff), Business Insider
Tue, 05/21/2024 - 8:01am

New York City's home vacancy rate is just 1.4%, its lowest in over 50 years.DeAgostini/Getty ImagesRents in New York City rose more than seven times as fast as wages last year.A new report says tech workers earning $135,089 annually could only afford 35% of rentals in the city.As tech workers flood into the city, housing supply and high costs strain affordability for all.Housing costs in New York have long been unaffordable.

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Rents Are So High In New York City That Even $135K/Year Tech Workers Can't Keep Up
The situation is even worse for entry-level tech workers. StreetEasy's research found that their average 2023 salary of $76,262 would enable them to afford just a hair of over 2% of New York's ...
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Tech Workers With $135K Salaries Can Only Afford 35% Of NYC's Rentals
Even tech professionals, who earn some of the highest salaries of any profession, are feeling the pressure of the housing market. A report by rental platform StreetEasy and industry group Tech reveals ...
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New York Tech Workers Make $135,000 On Average, But Can't Afford The Vast Majority Of Apartments On The Market

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