NYC Housing Crisis: High Upfront Costs, Record-Low Inventory Blamed

High rents are not a new phenomenon in New York City, but paired with steep upfront costs, many are finding it tough to secure their next home. A new StreetEasy market report for the month of June shows that renters across the city are sticking put and staying in their current homes for longer thanks to those two factors, reported WNBC-TV. "The median rent across the Big Apple in June rose by 1.3% compared to the same month last year. That figure stands at $3,800.

Costs remain an inhibiting factor when renters consider their next home. StreetEasy said that New Yorkers who earn the city's median wage couldn't afford more than 5% of all rentals last year... Now take the median asking price for an apartment. The average asking price for an apartment without a broker fee sits around $4,085, more than double what a medium income earner would spend without being rent burdened.