1 in 3 NY Renters Pay 1/2 Their Paycheck to Their Landlord.
On April 29, 2008 according to the New York Post, Rep. Anthony Weiner (D-Brooklyn/Queens) said in just nine years, the number of renters paying half or more of their income to their landlords has surged nearly 15 percent. 29.9 percent of Brooklyn renters pay more then half their paycheck to rent, up from 25.5 percent nine years ago.
Financial planners say a rule of thumb is that you should not spend more then a third of your income on rent. What is the reason for this increase? Affordable housing is ever shrinking in the five boroughs. This is all the more reason for renters to start saving their pennies and purchase a home. Owning is better then renting about 95% of the time.
