NYC rent prices increased 7 times faster than wages in 2023: report

NEW YORK CITY (PIX11) – Rent prices increased seven times faster than wages in New York City last year, according to a new study from Zillow.

While rent increased by 8.6%, wages increased by only 1.2% between 2022 and 2023 – a more dramatic difference than any city in the country.

Since 2019, rent prices have jumped 27.5% in New York City, while wages have only jumped 11.2%, according to Zillow. 

The study considered Zillow and StreetEasy rent data and Bureau of Labor Statistics for wage information across the country, and found that rent growth outpaced wage growth in 44 out of the 50 largest cities. 

Boston had the second largest gap between wage and rent jumps, with wages decreasing by 1% and rent still jumping by 5.8% in 2023, according to the study. Buffalo took the No. 4 spot with rent increasing by 6.2% while wages only increased by 0.7%. 

Here’s how much rent and wages increased in the tristate area in 2022-2023:

New York City

• Rent increased 8.6% and wages increased 1.2%

Buffalo

• Rent increased 6.2% and wages increased 0.7%

Hartford

• Rent increased 7.1% and wages increased 3.9%