Staggering cost of NYC living laid bare: Average worker earned $90k in 2023 - but it still wasn't enough for them to afford an apartment on their own

Despite earning nearly six figures, the average New Yorker still couldn't afford an apartment in the Big Apple in 2023,  new data has shown. 

Soaring rents and upfront costs have contributed to fewer than five percent of New York apartments being affordable to the average worker, according to a report. 

New Yorkers earned on average just under $89,000 in 2023 according to the New York State Department of Labor. 

An average worker in the Big Apple could afford to spend up to $2,216 per month on housing without spending over 30 percent of their annual income. 

The report by StreetEasy, highlighted that due to average upfront costs amounting to $10,454 last year, the average worker could only afford 4.4 percent of rentals. 

The report said that any more would breach an affordability threshold set at 30 percent of their annual income by StreetEasy. 

New Yorkers earned on average just under $89,000 in 2023 according to the New York State Department of Labor

One small apartment comes with minimal floor space, and a ladder to a sleeping space that is above a small kitchenette. This Manhattan pied-a-terre costs $1,900 a month, meaning it's affordable for a New Yorker on an average salary - but with severe space limitations 

Another view of the same $1,900-a-month West Village studio, which appears to be as dark as it is cramped  

Upfront costs in the city include the first month's rent, a security deposit and broker fees. 

Like the rest of the country, salaries in the city have not kept up with increasing housing prices. 

Median asking rents climbed 8.6 percent to $3,475 last year, while average wages went up just 1.2 percent. 

Adding to this, the city's housing shortage has also worsened with an additional 380,047 deficit homes. 

This was more than the San Francisco, Chicago and Boston metro areas combined, according to the figures from the US Census Bureau's American Community Survey.

The most hit by the city's housing affordability has been essential workers, who could afford less than one percent of rentals in the city. 

Healthcare workers, including home health aides and nursing aides in hospitals and nursing homes, could afford the fewest rentals of any occupation group. 

The average annual wage in this field was $39,539, enough to afford a mere 0.2% of the city’s rental inventory. 

Workers in food preparation and services fared only slightly better, with an average annual wage of $45,694 — enough to afford 0.3% of units last year. 

The city's housing shortage has also worsened with an additional 380,047 deficit homes

First responders also found it challenging, with the average wake for workers like firefighters, police officers and transportation security officers being $63,893.

Those earning that wage would be able to afford just 0.4 percent of rentals in the city.  

Even tech workers, who earn on average $135,089, would still only be able to afford 35 percent of rentals on the market. 

The national average salary in the last quarter of 2023 was $59,384, according to the U.S. Bureau of Labor Statistics.

While apartments.com report that the average amount paid in rent in the US as of now is $1,516 per month, an increase of 0.6 percent in the last year. 

According to a recent NYC Housing and Vacancy Survey, one in four NYC households spent more than half of their combined income on rent last year. 

Some studio apartments for sale in Manhattan on Zillow are currently up for grabs on Zillow, with rental prices of $1,900. 

One small apartment comes with minimal floor space, and a ladder to a sleeping space that is above a small kitchenette.