While prime Manhattan real estate has long been a forbidden fruit of sorts, a study by New York City’s Comptroller (the elected CFO of NYC) found that Big Apple rent is increasingly out of reach.
John C. Liu — Sir Comptrollah to you — found that 66% of all New Yorkers rent rather than own, which is roughly twice the national average, and the number of NYC residents spending more than 30% percent of their income on rent increased by 20% from 2000-2010. That means more than half of us drop that much of our paycheck on housing. Why so pricey? Demand. During that decade, Gotham’s rental vacancies hovered around 3%.