New York City is known for its high rent prices and expensive lifestyle. But now, a new report shows that one in four New Yorkers can’t afford necessities like housing and food.
This highlights a serious affordability crisis in the city.
Rising Poverty Rates in New York
The new data comes from a Columbia University and Robin Hood study, an anti-poverty group. This study has been tracking New York households for 13 years, surveying about 3,000 families each time.
The report shows that the poverty rate in New York City was almost double the national average in 2023. It also increased by seven percentage points in just two years.
The researchers measured poverty by considering income, noncash support like tax credits, and the high cost of living in New York, which is different from how the federal government measures poverty.
Who Is Affected the Most?
According to the report, poverty levels are particularly high among Latino, Black, and Asian residents. These groups have about twice the poverty rate compared to White residents.
The poverty line for a couple with two children renting a home is set at $47,190. Shockingly, 58% of New Yorkers, or about 4.8 million people, live in households earning less than double this amount.
For a couple with two children, this means earning less than $94,000, and for a single adult, it’s less than $44,000. These numbers show how expensive it is to live in New York City.
Why Is This Happening?
One of the main reasons for this crisis is the shortage of affordable housing and the high cost of rent. Even though most of the people surveyed were either working or actively looking for jobs, many still struggled to pay for housing and food.
Chris Mann, an assistant vice president at Women in Need, an organization that runs shelters in New York, said, “There is a lack of political will to actually invest in services for the lowest-income people.”
Cost of Living Continues to Rise
The situation is getting worse as living costs continue to rise. For example, Con Edison, the company providing electricity, gas, and steam to New York City, recently increased its prices.
According to the Alliance for a Green Economy, the average cost of heating for Con Edison customers rose from $205 in 2022 to over $250 in 2025. If another rate hike is approved, monthly heating bills could reach nearly $300 by 2026.
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Government’s Response to the Crisis
The affordability crisis has caught the attention of New York’s elected officials, who are trying to address it. Recently, Governor Kathy Hochul announced a $252 billion executive budget aimed at easing the financial burden on New Yorkers.
The budget includes $1 billion for middle-class tax cuts, $3 billion in rebate checks, $800 million to expand the state’s child tax credit, and $340 million to provide school meals for all students.
It also allocates close to $60 million to increase police presence on subway trains to address safety concerns.
What’s Next for New Yorkers?
The report paints a worrying picture of life in New York City. With the cost of living continuing to rise, more and more people are struggling to make ends meet.
The government’s proposed budget aims to help, but it remains to be seen if these measures will be enough to reverse the growing trend of poverty and financial hardship in the city.
The affordability crisis is not just about numbers; it’s about real people facing tough choices every day. As the situation develops, many are hoping for more effective solutions to make living in New York City more affordable for everyone.
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