New York City Renters Face High Affordability Threshold as National Trends Show Improvement
New York City remains the most expensive U.S. city for solo renters, with individuals needing to earn $153,600 annually to comfortably afford a typical studio apartment, which costs approximately $3,840 per month. This figure is based on The Economist's 'Carrie Bradshaw Index,' which assumes renters should spend no more than 30% of their gross income on housing. In contrast, the national trend shows an improvement in rental affordability. The number of America’s 100 largest cities considered unaffordable for an average earner has decreased to 30, the lowest point since the index began three years ago. Nationwide, solo renters now require about $150 less per month in earnings compared to a year ago. This national reprieve is attributed to a surge in new apartment construction, with 695,000 units added in 2024 (a 40-year record) and another 531,000 in 2025, coupled with softer demand that has slowed rent growth and led landlords to offer incentives.