Photo: Daniel Goodman / Business Insider
Soaring housing costs, declining income levels, and a job market yet to regain ground have hit New York City residents hard — especially its middle class.To even be considered middle class in the city, residents need to bankroll between $45,000 and $134,000 per year, The New York Times recently reported. In other parts of the country, that drops to $33,000 – $100,000.
“We need to make sure that the people who want to stay in our great city can afford to stay here,” City Council Speaker Christine Quinn said in a recent State of the City address.
One of the largest concerns among city leaders is securing more affordable housing (Manhattan apartments cost $3,973 a month on average –– $2,800 more than the national average). Quinn is spearheading the construction of 40,000 new middle-income housing units over the next decade, a move she hopes will give the cash-strapped class room to breathe.
Her office recently released a report on the state of the city’s middle class community. We’ve pulled out the most compelling charts from the presentation.