New York City real estate website Street Easy recently published a disheartening interactive map which shows the neighborhoods in which a person earning minimum wage can afford an apartment.
Using full year 2014 data, we analyzed the number of rental listings that would be affordable to a person making $8.75 per hour, 40 hours a week, 52 weeks a year. For this analysis, we assumed that a 40 percent rent burden would constitute “affordable” rent (meaning 40 percent of the earner’s gross annual income goes to rent). We also assumed that a studio or one-bedroom unit would be occupied by one person, a two-bedroom unit would be occupied by two people, and a three-bedroom unit would be occupied by three people (all of whom are making minimum wage and working the same number of hours as stipulated above).
According to their analysis of the apartments in the City, a mere 575 listings were affordable across all neighborhoods in 2014, representing a dismal 0.03 percent of all listings.
See what the affordability is in your neighborhood here
via Street Easy