Study: Brooklynites Bearing Heavy Rent Burden
In what is unlikely to generate more than a “No Duh!” response from most New Yorkers, a study conducted by Anthony Weiner’s office has found that, surprise, surprise, many Brooklynites spend a high proportion of their paychecks on rent. Overall, 30% of Brooklynites are spending more than half of their income on rent. (The Daily…
In what is unlikely to generate more than a “No Duh!” response from most New Yorkers, a study conducted by Anthony Weiner’s office has found that, surprise, surprise, many Brooklynites spend a high proportion of their paychecks on rent. Overall, 30% of Brooklynites are spending more than half of their income on rent. (The Daily News article article fails to mention whether “income” refers to pre-tax income or take-home pay. It also does not make clear whether it’s 30% of all Brooklynites or 30% of all Brooklynites who rent.) One guy in East New York makes $1,300 a month and coughs up $940 in rent! Let’s do a study of Brownstoner readers who rent:
Photo by Bryan Collins
10:07,
$8 bucks an hour doesn’t even get you $1000 a month after taxes. You must be using that new math.
I’d love to see a breakdown of homeowner expense vs income ratio.
The lack of affordable housing in NY affects everyone. If low income NY’ers moved out en masse the rest of us will be f’d. Prices and cost of living would rise that much more. Many businesses survive on the basis of low paid labor, without them a lot of ventures wouldn’t be profitable. The productivity rate of our local economy would go way down. On an individual level, however, if you want to have a better quality of life and the numbers don’t add up here, there are plenty of places that are more affordable. Plenty of people do the math and make that decision each year.
Glad to see 150 results so early in the day!!!! These kind of polls are interesting…you should do more of them.
Maybe ask the owners how much they spend on mortgage & taxes. Also ask something someday about how many have ARMs and HELOCs
Thanks
9:51, anyone with a minimal work ethic can get a job in a mall upstate for 8 bucks an hour, which is $1,300 per month. And you can live near a bus line so you can get to work, for goodness sakes. And at the end of the year, if you are frugal, you can actually have saved some money.
If his after tax income is $1300 a month – maybe not so easy to get that same paying job in “Binghamton, Rochester, Syracuse or Buffalo and get a decent 1-bedroom apartment for $400”.
And then would propably need a car and insurance and money for car repair and gasoline.
Those cities would not be losing population so quickly if jobs were around.
Your poll should be quite enlightening, Mr. B, considering most Brownstoner posters who admit to renting are roundly ridiculed.
The guy who makes $1,300 a month could make the same income in Binghamton, Rochester, Syracuse or Buffalo and get a decent 1-bedroom apartment for $400. MOVE!
In the early 1800’s when times got tough for some New York farmers, they got on their horses and buggies and took weeks to get to their promised land of the midwest. Now you can hop on a bus and start a new life in hours. But instead the local government has to provide you with affordable housing. There is affordable housing all over the country and it’s easy to find. MOVE!
The bond market doesn’t give a rat’s ass whether or not BAC guarantees Countrywide debt. BAC is a buy here, especially with the yield at 6.5%…..Buy UYG too!!!
What…go back into your hole in the ground. BTW you can have the Nets
You forgot about Homedebters too!
No flying eagle shit. But this is NOT the story of the day this is!
Bank of America May Not Guarantee Countrywide’s Debt
http://www.bloomberg.com/apps/news?pid=20601087&sid=anhQQxll0NJY&refer=home
Yep Assfucks, you (The Taxpayer) will be on the hook for billions of dollars. Plus, JP Morgan is going to get you to pony you for the Bear Sterns deal!
The Bond Market is gonna love this!
“There is no assurance that any such debt would be redeemed, assumed or guaranteed,”
The CFC Bond and Equity holders will get ASSFUCKED!
You tell me everything is OK! You borrowing cost is getting ready to go up. Goodbye 6% interest rates.
The What
Someday this war is gonna end…