Falling Wages, Rising Apartment Rentals in NYC February 13, 2006
Since writing about expensive rental apartments in New York City, a new survey was released by city housing officials in NY State. A NY Times article says that while rents have gone up 8.7% from 2002 to 2005, median household income for rental households have gone down 5.6%. This is no surprise given that housing prices have increased so sharply in the past 5 years. The gap between the haves and have-nots is growing. Will rental prices ever go down?
Source:
Affordable Apartments a New York Luxury, 2/11/2006
by Alan Feuer, New York Times