New York City rent prices are rising a lot faster than wages.
A report by rental listings platforms Zillow and StreetEasy shows average wages in New York City increased by about 1.2 percent last year. However, median rent prices skyrocketed by 8.6 percent. The trend nationwide is that average rent prices grew faster than wages in other cities last year. However, New York had the largest gap. State and City officials have been taking steps to try and create more affordable housing in the city.