You now need $215,000 a year to afford the typical Manhattan apartment as NYC rents hit a record $3,785 a month—and buying costs $7,000 more

News summary

New York has long been one of the most expensive places in the country to rent. In 2024, the city’s median rent was 68% higher than the national median and ate up 39.8% of the average household’s income. Last year, New York ranked among the least affordable U.S.