Study: Bronx has least affordable rent
A new study says rent in the Bronx is the least affordable in the entire country based on income.
A new RealtyTrac.com study shows that while the borough is not the most expensive for renters, it is the least affordable county in the country.
The real estate company compared the average rent for a three-bedroom apartment in 500 counties in the United States and divided that number by the annual median income of each county.
The Bronx has one of the lowest median incomes in the United States. The study shows that many Bronx residents are putting almost 70 percent of their earnings toward rent.
Bronx real estate investor Jonathan Jiminez says that investors are hiking up rent prices to keep up with rent trends in Brooklyn, Manhattan and Queens. He says the problem is that incomes are not increasing.
However, Jiminez says that rent increases will ultimately help the borough move forward. He says higher rents will help bring new jobs, people, businesses and overall economic growth.