It’s no secret that rents had been raising throughout New York City over the years. While the current median income in NYC is sitting at $57,782, a new report found that rents in some neighborhoods — including two in Queens — have drastically increased over the past five years, causing more residents to need a bigger pay raise.
StreetEasy recently released a report that explored the salary raises that single-dwelling New Yorkers have needed since 2014 in order to keep up with rising rents. Out of the top 10 New York City, two Queens neighborhoods saw the largest five-year increase.
While East Flatbush secured the number one spot with a 33 percent increase since 2014, Ridgewood came in close behind with a 31 percent increase. According to the report’s findings, in 2014 single-dwelling Ridgewood owners could comfortably make $60,000 per year to afford rent, in 2019 the income made an $18,400 jump to $78,400.
With neighborhoods such as Bedford-Stuyvesant, Bushwick and Midwood rounding out the middle of the list, Flushing snuck into the number nine spot on the list.
In 2014, Flushing renters could make an average of $57,400 in order to afford rent comfortably. Five years later, the income margin shot up to $69,480, marking a 21 percent increase over five years.
In the report, StreetEasy released an interactive map of the city that shows the increases in each Queens neighborhood over the past five years. To see the map and read the full report, visit https://streeteasy.com/blog/salary-raise-needed-to-afford-nyc-apartment/.