If You Rent In NYC, You’re Paying 164% More Than The Average American
Sure, we pay a steep penny to be in NYC, but that’s what it takes to live in the best city in the world. Although, when put into numbers, it hurts a bit more knowing we’re among the top 10 most expensive places to rent in America.
According to a new study from QR code generation service, QR Code Generator, utilizing Zillow data, New Yorkers pay an average monthly rent of $3,783.80 That comes out to be 164% higher than the average American pays in rent.
And somehow, with that astounding statistic we’re not the most expensive place in America to rent. The study shows that Bridgeport, Connecticut takes the cake with a monthly average rent of $5,641.92 for a single-family home. To expand upon that, Connecticut residents have an average monthly income after tax of $6,157.33. That means that the average person living in Bridgeport would theoretically be spending 91.63% of their post-tax money on rent. For further comparison, New York home renters on average would need to put 68.39% of their disposable income after tax on monthly rent.
As of May 2024, less than 5% of NYC rents are affordable for residents who make the average salary, just below $89,000. Median rent in NYC jumped 8.6% from 2022 to 2023 alone!
Following behind Bridgeport is much of California with Los Angeles, San Jose, and San Diego taking second, third, and fourth. In fact, out of the 100 major U.S. cities analyzed in the study, California was the state with the highest amount of cities (10) to make the cut. As for New York, 18% of the countries most expensive zip codes are within the state.
And though we’re spending a majority of our money on rent in NYC, at least we’re ranked among the best cities in the U.S. for quality of life.
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