Housing report for New York, NY

New York Affordable Housing Report:
Q1 2023

Last updated on Apr 1, 2023

Housing overview of New York, NY

19,261,570

population in New York, NY

10,082,209

workers in New York, NY

8,578,027

housing units needed

New York's burgeoning population and dynamic economy have created a significant demand for workforce housing. In this market report, we analyze the current state of the city's housing market, emphasizing the growing need for affordable and immediate housing.

New York has a housing gap of 821,715 units; new construction is a drop in the bucket

Population:Across metro New York the population has risen to 19,261,570.
Workforce:New York's workforce has grown to 10,082,209, indicating strong economic growth and increasing demand for housing.
Housing Unit Demand:To accommodate the population and workforce, New York requires 8,578,027 housing units.
Current Housing Stock:The metro area currently offers 7,756,312 housing units, resulting in a deficit of 821,715 homes.

New York workers would need to earn an extra 45.84% to afford the median rental

Median Rental Price:The median rent for an apartment in New York is $1,993, highlighting increasing rental prices.
Income Needed to Afford a Rental:A tenant needs to make at least $71,748 and pay $3,986 upfront to move-in (first month’s rent and security deposit). Typically, to qualify for a home, a landlord requires 3x rent in income, in addition to credit score minimums and eviction checks. Finally, most apartments charge an application fee.
Median Income in New York:The city's median income is $38,862, demonstrating a significant affordability gap.
Affordability Gap:The affordability gap in New York stands at $32,886. This means that workers need to earn 45.84% more to qualify and afford the median rental in the greater New York area.

Expanding affordable workforce housing in New York

So how do we house the growing population of healthcare workers, drivers, technicians, and care workers that make up New York’s workforce?

Solution 1: Build more housing

Despite the evident need for housing, only 2,583 permits have been issued so far in 2023, indicating a slow response from the market to address this demand. This shortage has led to increased rental prices

Solution 2: Relocate workers farther outside of the city

We believe workers in our community deserve to live in our community. While some may desire to relocate further their place of work, this is not a viable solution for all workers.

Solution 3: Do more with existing housing

We can do more with our existing housing to meet the needs of the metro-area population. There are exciting developments to address housing shortages and affordability challenges by increasing housing density. Some examples include converting single-family into multi-family homes, commercial to residential conversions, housing ADUs, co-living, and shared housing. At PadSplit, we are growing the country’s leading shared housing marketplace.

Sources: Census, Bureau of Labor & Statistics, ApartmentList, PadSplit

Shared Housing is a fast, cost-effective way to scale affordable housing for the workforce

PadSplit was founded five years ago and has grown to become the country’s largest shared housing marketplace. Real estate investors, homeowners, and community partners work with PadSplit to provide affordable, dignified housing to workers.

To learn more, check out the following:

Hosting on PadSplit PadSplit impact report Rooms for rent in New York