More New Yorkers spending half their income on rent

c6afe97407593cba081a66fb10f750f6

New Yorkers are forced to reach even deeper into their pockets to shell out cash for higher rents, according to a new study.

As the Wall Street Journal reports, 29 percent of households in the city now spend at least half of their income on their rents. That’s up from 26 percent in 2008.

Meanwhile, the cost of rent has also jumped to $1,100 per month from the median cost of $950 in 2008, according to Community Service Society.

NYC’s Rent Guidelines Board will vote tomorrow on whether to increase the cost of rent-stabilized apartments in the city. The price increase could be between 1.75 and 6.75 percent for New York’s one million rent-stabilized units.

“In this downturn, people’s incomes have gone down, but it’s not like their expenses are going down,” Jonathan Bowles, executive director of the Center for an Urban Future, told the WSJ. “In a lot of other downturns, New York often trailed the rest of the country in the recovery. Now New York has as many or more jobs than other places in the country, so people may be hanging on.”



News
Entertainment
Sports
Lifestyle
Local

NYC pension funds valued at $160b: Scott Stringer

The five NYC pension funds that thousands of city employees contribute to saw its fifth year in a row of increased returns, up $23 billion from last year.

Local

Man dies trapped in elevator shaft at Bronx…

A man in his twenties died after being trapped in an elevator shaft of a Bronx building early Monday, police said.

International

Sierra Leone Ebola patient, recovered from family, dies…

An Ebola patient whose family sparked a nationwide hunt when they forcefully removed her from a treatment center and took her to a traditional healer has died.

Local

VIDEO: Cop reassigned as NYPD investigates alleged head…

An officer alleged to have stomped on a Brooklyn man's head last week had his gun taken away and placed on modified duty.

Music

Newport Folk Festival: Photo gallery of 35 moments…

As has been the tradition since Bob Dylan plugged in a bajillion years ago, the Newport Folk Festival embraces more musical genres than its name implies.

Music

MKTO: Behind the bromance

MKTO's Malcolm Kelley and Tony Oller talk about the American Dream tour, Demi Lovato and getting turned down by girls.

Arts

James Earl Jones and Rose Byrne head to…

Two-time Tony winner James Earl Jones returns to the New York stage next month as an eccentric grandfather in a revival of the 1930s comedy…

Movies

Box office: Scarlett Johansson wins battle of brains…

Scarlett Johansson's "Lucy" handily dispatched with Dwayne Johnson's "Hercules" over the weekend.

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

MLB

Joe Torre: I'm in Hall of Fame because…

Joe Torre spent 18 years putting together a near Hall of Fame career as a player. But it was the 12 years he spent as…

MLB

Yankees GM Brian Cashman breaks down art of…

The action frequently accelerates as the non-waiver trade deadline approaches, as it will on Thursday.

Auto racing

Jeff Gordon captures fifth title at Brickyard 400

Jeff Gordon captures fifth title at Brickyard 400

Wellbeing

This Week In Health: Friends share similar DNA,…

Friends share similar DNA, study finds Location: U.S. Study subjects: Nearly 2,000 people Results: When it comes to our social networks, it seems that birds of…

Education

Are liberal arts colleges turning away from the…

Bryn Mawr College, a small women's college located just outside of Philadelphia, announced last week that it would be making standardized tests like the SAT…

Education

Recent grads discover school superintendent plagiarized parts of…

  Two recent high school graduates made a surprising discovery about the commencement speech their school superintendent delivered at their graduation: portions of it was copied…

Career

Feeling stuck? Get out of the entry-level job…

Television and movies may be littered with 20-something characters who seem directionless when it comes to their careers, but author Mary Traina says she finds…