The Bronx Is the Least Affordable County in the U.S. for Renters
Image © Thomas X. Casey, BronxNYC
Brooklyn may hold the title for most unaffordable place to buy a home in America, but when it comes to affordability for renters, the Bronx is the worst. According to the Daily News, a new report shows that tenants in the borough spend 68% of their earnings on rent, which roughly equates to $2,000 per month for a three-bedroom apartment.
The Bronx has one of the lowest median incomes in the country at $34,388. It also has a 9.5% unemployment rate, and 30% of the borough’s population lives below the poverty line. However, state controller Tom DiNapoli released a report earlier this year that said approximately 60% of renters in the Bronx spend more than one-third of their income on rent.
[Via NYDN]
