StreetEasy has issued a report on average housing costs and incomes broken down by NYC boroughs and as usual, The Bronx comes in the worst possible rankings.
Although Bronx renters have the lowest average housing costs in the city at an annual average of $13,176, due to an average income of $29,302 it is also the most rent burdened borough with roughly 45% of annual income going to rent.
The situation for Bronx homeowners is more on par with Brooklyn and Queens with 37% of income going to annual housing costs which average $28,548 in our borough.
According to StreetEasy, the average income for homeowners in The Bronx is $76,454.
“Renters and owners in the Bronx earn the least of any borough, and face the lowest absolute housing costs, but are significantly burdened by them. If Manhattanites earn more and pay relatively less, Bronx residents earn less and pay relatively more: The borough has the highest median-rent-to-income ratio in all of NYC, at 45 percent, meaning that the average earner in the median apartment pays a staggering 45 percent of their annual income in rent.
Exacerbating the difference is the fact that average renters in Manhattan make more than $33,000 more than average renters in the Bronx — an astounding difference of 112 percent — but pay rents of roughly just $500 more per month. Similarly, Manhattan homeowners earn nearly $66,000 more per year on average than those in the Bronx, despite paying a premium of only $642 in average monthly housing costs.”
This data doesn’t come as a surprise, however, as this has been consistently the case for the past several years with study after study.
The affordable housing being constructed throughout The Bronx and NYC is supposed to help the situation but the most rent burdened of residents often do not qualify for these new developments.