"Take Greenpoint, Brooklyn, where the industrial-meets-artsy vibe used to come with a modest price tag. Since 2020, asking rents there have jumped a jaw-dropping 60-percent. Across the river in Chelsea, it's a similar story. A 54-percent surge has left even six-figure earners sweating their monthly Venmo transfers. Soho, never exactly a bargain, notched a 60-percent rise too, while Tribeca climbed 58-percent. Dumbo's picture-perfect waterfront? Up 49-percent. And Long Island City, where gleaming towers sprouted almost overnight, saw a 47-percent spike."
"In Manhattan overall, the median rent hit $4,722 this summer, according to StreetEasy data. That number makes the so-called "one-third rule" of budgeting laughably quaint: At least 65,000 New York households earning between $100,000 and $300,000 are now shelling out a third or more of their gross income just to keep a roof overhead. These aren't starving artists—we're talking finance bros, software engineers, even high-earning illustrators—wondering if New York living is still worth the grind."
Rents in New York City's most desirable ZIP codes have surged since 2020, with some neighborhoods rising as much as 60 percent. Greenpoint, Soho, Tribeca, Chelsea, Dumbo, and Long Island City all recorded sharp increases driven by returning demand, concentrated luxury development, and a historically tight housing supply that sparked bidding wars. Manhattan's median rent reached $4,722 this summer, rendering the traditional one-third budgeting rule impractical for many. At least 65,000 households earning $100,000–$300,000 now spend a third or more of gross income on rent. High earners across finance, tech, and creative fields face constrained options and sustained rental pressure.
Read at Time Out New York
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