Housing costs rise 300 percent over 30 years
February 19, 2010 06:15PM
Chart source: U.S. Bureau of Labor Statistics
Rents in New York City and Northern New Jersey saw their smallest annual increase since 1994, according to the U.S. Bureau of Labor Statistics, climbing just 1.6 percent between January 2010 and the same month a year earlier. Meanwhile, the unemployment rate was at 10 percent in the area over the same time period. Housing costs in the region have ramped up far more rapidly than other living expenses for the last quarter century, according to the report. Since the early 1980s, housing costs have increased by more than 300 percent, compared to food expenses which rose 125 percent and clothing, which rose less than 20 percent. Household energies on the other hand have decreased by 1.6 percent over the same time period. TRD
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Comments
Anonymous
Obviously, half of available rentals in NYC are rent stabilized and their occupants don't move. Of course free market rents are high. Get rid of rent stabilization/rent control and rents will plummet. But of course our politicians would never do it. . . way to many vested voters on the hook.
Comment #1 Posted By: Anonymous 02/19/10
Anonymous
It takes years of living in a rent stabalized apartment for the rent to actually be signifcantly below market rate.
Comment #2 Posted By: Anonymous 02/20/10
Anonymous
Prices in NYC need to come down another 20% to be inline with historic norms
Comment #3 Posted By: Anonymous 02/20/10
Anonymous
Thirty years go, slices of Pizza and a soda cost1.25 cents. Now the same combination costs 6.50 , which is a 500% increase. Gold was approx $100 dollars an ounce, and now is over $1000 for 1000% increase. Do not blame it on rent stabilization, Prices usually double every twelve years. with the way the federal government is printing money, prices will start doubling every nine years.
Comment #4 Posted By: Anonymous 02/20/10
Anonymous
Dark and lonely on the summer night. Kill my landlord...kill my landlord. Watchdog barking, do he bite? Kill my landlord...kill my landlord. Slip in his winda', break his neck. Then his house I start to wreck. Got no reason, what the heck? Kill my landlord. Kill my landlord... C-I-L-L My land-lord.
Comment #5 Posted By: Anonymous 02/20/10
Anonymous
#4 is a genius at cherry picking data to suit his argument. Gold was 400/oz. 5 years ago. Who cares? What percent of your income do you spend on Gold?
Comment #6 Posted By: Anonymous 02/22/10
Anonymous
It should be noted that 2/3 of that rise in housing costs occurred within the last 10 years. Did everyone's incomes rise 2/3 over that time? Don't think so. You'd be delusional to believe this rate of housing appreciation is sustainable...
Comment #7 Posted By: Anonymous 02/22/10
Anonymous
amazing. I fled NYC after 40+ years of living in a rent controlled apt. Disabled, so no $$$. Was forced out by draconian rent increases following minor repairs in bldg. I don't miss the stress---just want to say that older tenants who don't leave their apts CAN'T--they just can't afford to.
Comment #8 Posted By: Anonymous 02/27/10