New York is already extremely expensive, and to add to this expensive nature, there has been recent inflation. If these phenomena weren’t enough, the real estate prices and spending trend saw an upward arrow. The United Way of New York City’s 2023 NYC True Cost of Living report showed that 50 per cent of New Yorkers are struggling to cover their basic needs. But this has not always been the case here.
New York Is Unaffordable For Half Of The People
The United Way of New York City’s 2023 NYC True Cost of Living report states that 50% of working-age New Yorkers are unable to pay for their basic needs.
The study showed that people’s earnings are rising more slowly than the cost of basic needs. Only a 71% rise in median earnings since 2000 indicates that New Yorkers are not being paid significantly more for the same work they did in the past. While the price of necessities has climbed by 131%. New Yorkers are routinely spending more, saving less, and frequently lacking sufficient money to cover bills.
People of colour are disproportionately impacted by this. The study also has an upside. It helps raise awareness about the unsustainability of current economic trends.
The study explains that New York needs more affordable housing and potential subsidies for food, healthcare, and childcare.
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Long Lasting Effects Of Pandemic
The Overlooked and Undercounted report, which was the first of its kind, examined the financial stability of New Yorkers prior to the COVID-19 pandemic in 2021. 36% of households in New York City lacked sufficient income in 2021 to pay for their essential expenses, including housing, food, healthcare, and transportation.
The fact that it has now been increased by half illustrates the pandemic’s detrimental and protracted economic effects. Based on family size, the study provides an interactive tool to determine the actual cost of living in different neighbourhoods.
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