The Real Deal New York

The Bronx, not Manhattan, is actually the country’s least affordable county: REPORT

Residents pay 68 percent of their income on rent

December 27, 2014 04:24PM

imagesBelieve it or not, the Bronx, not Manhattan is the least affordable county in the country for renters, a new report shows.

Borough residents can expect to spend a whopping 68 percent of their earnings on rent — or almost $2,000 a month for a three-bedroom apartment, according to a RealtyTrac.com study cited by the New York Daily News.

The real estate company analyzed more than 500 U.S. counties, using rental data from the U.S. Department of Housing and Urban Development to compile the list, comparing the average fair market rent of a three-bedroom apartment and divided the annual median household income of each county, according to the Daily News.

The Bronx has an unemployment rate of 9.5 percent, and one of the lowest median incomes in the country — $34,388 with nearly 30 percent of the population living below the poverty line, according to the most recent U.S. Census statistics. [NYDN] Christopher Cameron

  • Edward Johnson

    These studies are garbage. If a person makes $25k per year and his rent for his two bedroom apartment is $12,500 per year but section 8 pays $8,000 year of the total rent is the apartment really unaffordable? And then he rents out a room for $100/week so he actually gets paid to live there – is the place really unaffordable?

    Well according to these garbage studies this guy who actually lives for free is considered to have an unaffordable rent. Why? Because these studies don’t consider subsidies in calculating affordability. Why not? Because it doesn’t fit the federal government’s narrative that the poor are miserable.

    • Middle-Class Joe

      Haters will hate. Why do you worry so much about poor people catching a break from the government, but say nothing about tax breaks that the millionaires get right and left? Sad. Very sad.

      • Will

        I don’t think Edward Johnson is worried so much about every break the poor get from the government as much as the extent to which the manner in which they are distributed and then counted or measured is inaccurate. Indeed, given the way all of this is done, a finding that the Bronx could be statistically described as the most unaffordable county in America is not only not surprising, but actually expected. Edward Johnson is correct – these studies are garbage.

        As for tax break that “millionaires get left and right” – without commenting on whether or not that statement is an accurate assessment of how many and how easily available tax breaks are for the wealthy, I rest assured that the wealthy still pay a sizable tax-bill in NYC each year. Significantly, It is one thing to give someone with a super-large tax bill a break in exchange for undertaking certain socially desirable and democratically determined actions, thereby rendering his or her tax bill merely “large,” and another thing entirely to hand out subsidies for anything and everything with hardly a question asked so that some people can continue living beyond their means in a city they cannot afford while contributing little or nothing to the public fisc. If one’s skill-set is so atrophied that subsides are needed for housing, food, child-care, medical care, and everything else that working, self-sustaining people must pay for on their own, maybe it’s time to move. By paying for non-contributory people to keep living here, we are, indeed, turning NYC into Detroit.

    • comment flagged

      if a tenant has to rely on government welfare and letting out rooms, then yes, it’s valid to say that housing is not affordable. People who can “afford” an apartment shouldn’t have to rely on those things, n’est pas?

      • Edward Johnson

        so poor people have the right to not have a roommate in NYC? I’m rich and I still have roommates.

  • Ellen

    I would love to be able to show my customers a three bedroom apartment in the Riverdale-Spuyten Duyvil section of The Bronx for ONLY $2000 per month!

  • NYCFLIPPER

    Bronx should become Detroit city

  • David Brown

    Affordability is a function of price and income. A city where housing costs $200K but people only make $20K is less affordable than a city where houses cost $500K but people make $100K (i.e. ratio of 10:1 versus 5:1). Statistics 101.

  • Justina

    This report is so bogus.

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