The Bronx Is the Least Affordable County in the U.S. for Renters

Posted On Mon, December 29, 2014 By

Posted On Mon, December 29, 2014 By In Bronx, real estate trends

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]

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Neighborhoods : Bronx

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