Sorry, folks: solo living comes at a cost — quite literally. Studio apartments, NYC’s most attainable units, are in fact pretty darn expensive.
Rents are rising quickly, particularly in NYC’s hottest neighborhoods, and scoping out a small space doesn’t necessarily mean a small monthly payment.
The New York Times analyzed findings from Zillow’s Top Rental Markets and the U.S. Census to uncover geographical representations of major markets across the U.S. After doing some digging, the experts uncovered that NYC and Miami are among the least affordable for renters who are operating solo. Fun stuff!
Studio apartments in NYC — what renters should expect
Rents in NYC are a staggering 149% higher than the rest of the country, and studios are no exception. The average cost of one in NYC hovers around $3,000 per month, likely more, and the latest median salary for urbanites is $70,295, according to the 2023 Census.
What does that mean, exactly? Allow us to break it down: If the average studio rent in NYC is $3,225, according to The Times, 30% of median earnings — which is considered to be threshold for housing affordability — would be $1,757 per month. However, that means the average rent is $1,468 more than what renters would be able to swing.
All in all: studio costs have become so steep that renters might need to share their space with a roomie. And given that the majority of them range from 400-600 square feet, that’s definitely considered pretty tight quarters!
Tips for apartment hunting in NYC
We won’t lie, apartment hunting in NYC isn’t always easy, but there are a few handy tools looking to make the process more seamless. For one, you can set up an account on the new Rental Reboot app, the first-ever rent-stabilized alert tool in NYC. This will send scheduled reminders of rent-stabilized units that just hit the market in your designated neighborhoods and price range.
You can also use our expert tips for winning an affordable housing lottery. And if the paperwork seems a bit overwhelming, consider looking into the Homey app, which will apply to listings for you.
Wishing you all the best as you search for your new home in NYC. Stay positive — you got this.