This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

NYU Furman Center & Capital One Release Affordable Rental Housing Landscape Illustrating NYC Rental Housing Trends (Graphic: Business Wire)

Stocks in this article: COF

More than 1 million households in New York City are rent-burdened, which means they are paying 30 percent or more of household income on rent, and nearly 600,000 of those households are severely rent-burdened, or paying more than 50 percent of their income on rent, according to the newly released NYU Furman Center/Capital One Affordable Rental Housing Landscape.

The Landscape provides a detailed look into rental housing affordability trends in New York City from 2000 to 2012 and illustrates how trends in affordable rental housing affected New Yorkers as rents continued to increase, incomes stagnated, and the share of renters paying a high percentage of their income rose.

Since 2000, the percentage of renters paying large shares of their income on rents has grown. While median rent in New York City rose by 11 percent from 2005 to 2012, median household income of renters rose only 2 percent. By 2012, a majority of renter households were rent-burdened, and nearly a third of them were severely rent-burdened.

“The lack of affordable housing is a complex issue that is driven by multiple factors, including stagnant incomes, increasing demand for rental housing, and slow growth in the supply of affordable rental housing,” said Max Weselcouch, Director of the NYU Furman Center’s Moelis Institute for Affordable Housing Policy. “Finding affordable housing in New York City is challenging. Conditions have worsened in the last few years and have disproportionately affected the city’s poorest.”

According to commonly accepted housing guidelines, “affordable” rent should not exceed 30 percent of a household’s income. This means that a very low-income three-person household (making $37,350 a year or less in 2012 according to U.S. Department of Housing and Urban Development guidelines) should pay no more than $934 a month in rent and utilities to avoid being rent burdened. However, only 16 percent of recently available units in 2012 rented for less than $934 a month. In 2000, there was approximately one household under the very low-income threshold for every one unit of affordable housing. By 2012, there were three households under the very low-income threshold for every two rental units affordable to them.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs