Report: Half of New York City households cannot afford cost of living
NEW YORK -- Affordable housing is coming to Lower Manhattan.
The Housing Preservation and Development Department is converting the city-owned site at 388 Hudson St.
This comes as a new report finds many New Yorkers are struggling to afford basic needs as they deal with the rising cost of housing.
The report by the Fund for New York City found half of all city households do not make enough to meet the minimum cost of living.
Nearly 80% are considered "housing burdened," which means more than 30% of household income is going toward rent.
- Related Story: Report: Renters in NYC must earn nearly twice the city's median income to satisfy the "30% rule"
The study found households across the five boroughs need to bring in at least $100,000 a year to afford housing, food and transportation.
The current average is $70,000.
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