New York, NY
The Fair Market Rent for a 2-bedroom in New York, NY is $2,910 per month, ranking #10 out of 693 areas nationwide. The area median household income is $97,334, meaning a household spending Fair Market Rent on a 2-bedroom would pay 35.9% of income on housing. Rent in New York has increased 5.7% year over year. The area has a population of 19.8M, with 48.5% of households renting.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In New York, NY, a household earning the area median income of $97,334 would spend 35.9% of their gross income on a 2-bedroom at Fair Market Rent. HUD considers households spending more than 30% of income on housing to be "cost-burdened." This means many renters in this area face financial strain from housing costs.
5-Year Rent Trend
+41.7% since 20212-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.
Minimum Wage Affordability
The minimum wage in New York is $15.50/hr. A minimum-wage worker would need to work 144.4 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in New York is 12.4%, below the national average of approximately 12.4%.
Housing Market Context
The median home value in New York is $587,400. At a median income of $97,334, this represents a price-to-income ratio of 6.0x. 7.9% of housing units in the area are vacant, which is near the national average.
Other Areas in New York
Areas With Similar Rent to New York
Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in New York, NY is $2,910 per month. A studio is $2,529/mo, a 1-bedroom is $2,655/mo, and a 3-bedroom is $3,644/mo. The actual median gross rent from Census data is $1,780/mo.
New York has a rent burden of 35.9%, meaning a household earning the median income of $97,334 would spend 35.9% of income on a 2-bedroom at Fair Market Rent. HUD considers spending 30%+ on housing to be cost-burdened. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $116,400.
New York's 2-bedroom Fair Market Rent of $2,910/mo is $1,660 above the national median of $1,250/mo. New York ranks #10 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in New York without spending more than 30% of income on housing, you would need an annual household income of at least $116,400, or a full-time hourly wage of $56/hour. The area median income is $97,334.
The 2-bedroom Fair Market Rent in New York increased by 5.7% compared to the prior year. This is a significant increase, suggesting growing demand in the local housing market.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.