Surprise! New York City Is Not The Most Expensive Place In The Country To Rent A 2-Bedroom Apartment

You can always count on a New Yorker to kvetch about astronomical rents in the city.

But according to one measure, at least, they really have no reason to whine.

The cost of renting a non-luxury two-bedroom apartment is actually higher on suburban Long Island than it is in New York City, new report from the National Low Income Housing Coalition found.

In New York City, the average fair market rent for a two-bedroom was $1,424 a month, while on Long Island it was $1,682 a month, according to the report.

But the most expensive rents in the country can be found in San Francisco, where fair market rent for a modest two-bedroom is $1,905 a month.

The national average is $949, according to the report.

Despite historically high rents, New York City ranked lower on the list because rents were not broken out by borough, and because the city’s non-luxury two-bedrooms are often rent-stabilised, a research analyst for NLIHC told the Wall Street Journal.

The table below shows the 10 metropolitan areas with the highest housing wages, or the hourly wage a worker must earn to afford a two-bedroom apartment at fair market value at 30 per cent of income. By that measure, New York City ranks 14th.

income chart

Photo: National Low Income Housing Coalition

And here’s a map showing how the housing wage varies by state.

housing wage

Photo: National Low Income Housing Coalition

[via The Wall Street Journal]

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