New York City Housing Statistics

The Housing Crisis
In 2002, 17.8 of NYC households — more than one in six — had a severe housing problem of affordability and/or quality. A severe affordability problem means a rent burden over 50% or, for homeowners, a cost burden over 60%; a severe quality problem means housing that is dilapidated or has more than five maintenance problems.

More than 38,000 New Yorkers, including 8,640 families, were homeless as of spring 2005.

Inadequate Supply
› As of April 2005, the rental vacancy rate in New York City was 3.3%, making
it one of the tightest housing markets in the United States. (A vacancy rate under 5% is considered an official housing emergency under New York state law. Nationally, the rental vacancy rate is approximately 10%.)

› For units renting from $500 to $700 a month, the 2002 vacancy rate was just 1.42%.

› Between 1990 and 2000, the official population of New York City grew by 686,000, but only 81,000 new housing units were built. Since 2000, housing construction has accelerated in the last several years while population growth appears to have slowed, but there is still a large unmet demand for housing. The city also loses units as its housing stock ages: currently, approximately 14% of buildings in the city are more than 75 years old.

› It is estimated that 120,000 families are living doubled up, which puts them at high risk of becoming homeless. In 2002, 11.1% of rental units were officially counted as crowded, with more than 1 person per room. The rate of severe crowding (more than 1.5 persons per room) was 3.9%.

Affordability
The generally accepted definition of affordability is a gross rent burden of 30%, which means that no more than 30% of household income goes to rent and utilities.

› In 2002, 47% of renters in the city — nearly a million households — had a rent burden over 30%. 23% of renters had a severe rent burden, spending more than 50% of their income on rent and utilities.

› Between 1975 and 1999, average rents in the city grew by 33%, while average incomes for renters grew by only 3% (adjusted for inflation).

› Less than one-third of NYC households (32.7%) own their homes. This is the inverse of the national homeownership rate, which is approximately 69%.

The Burden on Low-Income New Yorkers
Low-income New Yorkers are hit especially hard by the lack of affordable housing. Housing represents the single largest monthly expense for low-income households, and the oppressive cost burden can leave families unable to pay for other necessities.

› The "housing wage" in New York City — the hourly wage a full-time worker would need to make in order to afford market rent for a two-bedroom apartment — is $21.79. The minimum wage in New York State is rising from $6.00 to $6.75 per hour in 2006, and the median hourly wage, as of 2004 was $18.39.

› In 2002, 22.5% of renter households had incomes below the federal poverty line. Of those households, 65% spent at least half of their income on rent, and of poor renter households not in subsidized housing, approximately 75% spent at least half their income on rent. For poor renters not living in subsidized housing, the median rent burden was more than 60% of household income.

› As of May 2005, there were 248,000 families on waiting lists for public housing and/or Section 8 housing vouchers. The annual turnover rate in public housing is under 4%, and no new Section 8 vouchers are currently being issued. On either list, an average family will have to wait eight years to receive assistance.

› Poor families facing severe cost burdens are forced to cut back spending on necessities. Adjusted for inflation, after-rent income rose between 1993 and 2002 for poor renters living in subsidized housing but stayed nearly constant for poor households in unregulated rentals and actually declined for those in regulated rentals. Poor families not living in subsidized housing had a median monthly income of $118 per person — less than $30 a week — after paying rent.

› In 2005, 45% of working poor households (those with a full-time worker and income below the federal poverty line) reported that they had fallen behind on their rent or mortgage payments in the last year, and 39% had their utilities or phone turned off. Those who fall behind in rent or mortgage payments are also more likely to experience hardships in other areas, with many postponing or going without medical care, cutting back on spending on school supplies and clothes, relying on food pantries, or going hungry.

The Mayor's New Affordable Housing Plan
Mayor Bloomberg's "New Housing Marketplace" plan was introduced in 2003 as a plan to construct or preserve 68,000 affordable housing units by 2008. As of spring 2005, construction had begun on 18,000 units, with another 8,000 units in development.

In October 2005, the mayor announced an expansion of the plan to build or preserve 165,000 units of affordable housing by 2013. The mayor promises that 70% of the units will be affordable to households earning under 80% of the area median income ($35,150 for an individual, or 50,250 for a family of four).