WWW.QNS.COM RIDGEWOOD TIMES JUNE 25, 2020 33
REAL ESTATE
New Yorkers need to work over 50 hours per week to aff ord rent: Study
BY EMILY DAVENPORT
EDAVENPORT@QNS.COM
@QNS
A new report took a look at how many
hours New Yorkers need to work per
week just to be able to aff ord rent.
The report, released by Self Inc., analyzed
data from Zillow and the U.S. Bureau of
Labor Statistics (BLS) between 2010 and
2019 and found that the median monthly
rent nationwide increased by 20.5 percent,
while the median hourly wage only rose by
17.6 percent. New data from the U.S. Department
of Housing and Urban Development
(HUD) reported fair market rents to be approximately
$980 for a one-bedroom and
$1,200 for a two-bedroom rental in 2020.
Meanwhile, the most recent median hourly
wage estimate from the BLS is $19.14.
Self’s report indicates that if someone
used the 28% rule, which suggests that renters
should spend no more than 28 percent
of their income on housing, a person in the
U.S. earning the median wage would have
to work 42.2 hours per week in order to
aff ord a one-bedroom rental, or 51.8 hours
per week to aff ord a two-bedroom rental.
According to their findings, New York
residents must work 50.2 hours a week to
aff ord rent for a one-bedroom apartment,
the third-highest of the states analyzed. The
number increases to 59.1 hours per week for
a two-bedroom apartment.
Self cites the diff erence in fair market
rental prices as part of the reason why New
Yorkers have to work more hours. While
New York has a median hourly wage of
$22.44, the median average rent in New
York is $1,366 for a one-bedroom and $1,609
for a two-bedroom.
The report also took a look at the largest
metropolitan areas to see where they fair in
comparison to other big cities. According to
their fi ndings, the New York-Newark-Jersey
City, NY-NJ-PA area has the seventh-highest
number of hours to aff ord rent with 56.6
hours per week for a one-bedroom and 65.1
hours per week for a two-bedroom. Fair
market rent for this metropolitan area is
$1,613 for a one-bedroom and $1,856 for a
two-bedroom.
Read the full report at www.self.inc/blog/
work-hours-to-pay-rent.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Fresh Pond Road
Listings selected at random. Courtesy MLS
Under $600,000
63-34 Fresh Pond Road #4H
$549,750
Condo
1 bedroom, 1 bathroom
Tomasz Smolinski, Omega Realty
of Greenpoint LLC
$600,000-$1,000,000
18-12 Bleecker St.
$999,000
Colonial
3 bedrooms, 2 full and 1 half
bathrooms
Teodoro Navarrete, Keller Williams
Realty Liberty
Over $1,000,000
5-16 Grandview Ave.
$1,700,000
Single Family
5 bedrooms, 3 and 1 half
bathrooms
Kashif Kashi Khan, Compass
77th Avenue 53rd Avenue 82nd Place
Under $600,000
8 Valentine Pl.
$519,000
Single Family, Bungalow
2 bedrooms, 1 bathroom
Wioletta Bednarczuk and Anna
Jargilo, Exit All Seasons Realty
$600,000-$1,000,000
81-35 77th Ave.
$889,000
Single Family, Tudor
3 bedrooms, 2 bathrooms
Gabriele Kapp, Werba Realty LLC
Over $1,000,000
65-13 Myrtle Ave.
$1,050,000
Single Family
5 bedrooms, 2 and 1 half
bathrooms
Miriam Vasquez, RE/MAX
Under $600,000
52-24 65th Pl. #2P
$325,000
Co-Op
2 bedrooms, 1 bathroom
Landmark International R E LLC
$600,000-$1,000,000
66-15 53rd Ave.
$879,000
2 story
3 bedrooms, 1 full and 1 half
bathrooms
Erika Demkowicz, Donna Demkowicz
R E Corp
Over $1,000,000
66-12 53rd Ave.
$1,248,000
Colonial
4 bedrooms, 2 and a half
bathrooms
Shehriar Islam and Kristin Scanlon,
Keller Williams Points North
Under $600,000
61-88 Dry Harbor Road #1-J
$439,000
Co-Op
2 bedrooms, 1 bathroom
David Kueber, Coldwell Banker
Kueber Realty
$600,000-$1,000,000
64-90 83rd Pl.
$850,000
Single family, colonial
3 bedrooms, 1 full and 1 half
bathrooms
Michelle O Kane, O Kane Realty
Over $1,000,000
63-05 82 Pl.
$1,398,888
Single family, colonial
4 bedrooms, 3 full and 1 half
bathrooms
Deirdre Folan, Keller Williams
Rlty Landmark
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