We constantly hear about New York City’s housing affordability crisis.
Well, it’s very real and affects nearly 900,000 households, according to a recent report from the Citizen’s Budget Commission.
The nonprofit’s analysis looked at affordability defined as the ratio of housing costs to household income.
If your rent is more than 30 percent of your household income, according to standard practices espoused by housing policy experts, then you are considered “rent burdened.” If you’re paying more than 50 percent, you’re considered “severely rent burdened.”
The CBC’s report took the analysis one step further, adjusting household income for any subsidies, from housing vouchers to food stamps.