You now need $215,000 a year to afford the typical Manhattan apartment as NYC rents hit a record $3,785 a month—and buying costs $7,000 more

New York has long been one of the most expensive places in the country to rent. In 2024, the city’s median rent was 68% higher than the national median and ate up 39.8% of the average household’s income. Last year, New York ranked among the least affordable U.S. cities for people living on one income. And now, New Yorkers have paid more than ever to sign a lease this summer, while the cost of buying a home remained far out of reach.

Source: Fortune Crypto