Rents going up faster than incomes in the BX, across the nation
Rents and housing costs are reportedly going up faster than incomes in the Bronx and across the nation.
According to a New York Times report, the U.S. Census Bureau recently released its American Community Survey. The survey shows housing costs all over the country shot up from 2000 to 2005, but during that time incomes stagnated. According to the survey, nearly a third of Bronx residents are spending at least 30 percent of their incomes on rent and mortgages.
The data in the survey was collected last year, before the real estate market began to soften. However, census officials say the slight decline in housing prices doesn?t translate to rents, which have gone up consistently since the 1990s.
Related Information:U.S. Census Bureau's American Community Survey