Spencer Platt | Getty Images News | Getty Images
New York is the most rent-burdened metro area in the U.S., according to a new report from Moody’s Analytics.
A household with the median income in the Big Apple would need to pay nearly 69% of earnings to rent the averaged-priced apartment there, the research division of the rating agency found.
Families who direct 30% or more of their income to housing typically are considered “rent burdened” by the U.S. Department of Housing and Urban Development, and “may have difficulty affording necessities such as food, clothing, transportation and medical care.”
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