Map shows hourly wage needed to afford rent in New York
NEW YORK - The cost of living continues to climb in New York, and there appears to be no relief in sight.
A study conducted by the National Low Income Housing Coalition (NLIHC) in 2023 looked at the hourly wage needed to afford rent in every state that year, and New York ranked 4th.
New York rent statistics
For fair market rent in NY, a one-bedroom averages $1,811; a two-bedroom averages $2,084.
The study showed that in New York, you need to make a whopping $40.08 an hour to afford a two-bedroom rental.
That’s a far contrast from the $16.27 needed to afford a two-bedroom rental in Arkansas.
The study also shows that 13 of the 20 largest occupations in the nation pay less than what’s needed to afford a two-bedroom rental. This includes construction trade workers, material moving workers, administrative support workers, retail sales workers, nursing assistants, motor vehicle operators, and health technologists and technicians.
How New York compares
Below is the hourly wage needed in each state that a household must earn to afford the fair market rent for a two-bedroom rental unit to avoid paying more than one-third of their income.
California – $42.25
Hawaii – $41.83
Massachusetts – $41.64
New York – $40.08
Washington – $36.33
Wyoming – $36.33
District of Columbia – $35.35
New Jersey – $33.5
Colorado – $32.13
Connecticut – $31.93
Maryland – $31.08
Florida – $30.59
Arizona – $29.93
New Hampshire – $29.86
Oregon – $29.72
Nevada – $27.99
Rhode Island – $27.78
Virginia – $26.84
Alaska – $26.32
Delaware – $26.09
Vermont – $25.54
Texas – $25.06
Utah – $24.93
Georgia – $24.75
Maine – $24.73
Illinois – $24.59
Minnesota – $24.11
Pennsylvania – $23.61
Michigan – $21.65
North Carolina – $21.54
Idaho – $21.53
South Carolina – $21.38
Tennessee – $20.76
Wisconsin – $20.32
New Mexico – $19.88
Louisiana – $19.39
Montana – $19.28
Ohio – $19.09
Indiana – $19
Nebraska – $18.91
Kansas – $18.71
Missouri – $18.54
Alabama – $18.13
Iowa – $18.13
Oklahoma – $18.00
Kentucky – $17.90
North Dakota – $17.79
South Dakota – $17.49
Mississippi – $17.21
West Virginia – $16.64
Arkansas – $16.27
To learn more about the study, click HERE.
Minimum income required to be middle class in NY
Another study has figured out the minimum annual income required for a family of four to be considered middle class in each state – and the NYC area shouldn't be surprised that these numbers are sky-high for the Tri-State.
The middle class is capturing a lower share of income than in the 1960s, 1970s, and 1980s, according to Oliver Rust, head of product at independent inflation data aggregator Truflation.
So what is the minimum annual income required in 2023 for a family of four to be middle class in NY, NJ and CT? Consumer Affairs found that number by using a calculator provided by the Pew Research Center and an inflation calculator provided by the U.S. Bureau of Labor Statistics.
Hawaii tops the list, with an annual income of $82,630 required to be considered middle class.
D.C. is tied with New York in second place, at $81,396. New Jersey and New York are tied for third, and Massachusetts ranks 4th at $76,463.
The bottom five include Alabama, Arkansas, Arizona, West Virginia and Mississippi, with only $60,431 needed to be considered middle class in the Magnolia State.
Kelli Johnson, with FOX 11 Los Angeles, contributed to this report.
