Believe 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