Housing Affordability in New York City

Throughout the centuries major cities had offered new opportunities to people seeking better life, New York City is not exception and continues to attract people from all over the world. Based on NYC population census, New York City has grown by almost half million its population in the last seven years. Because of this, residential real estate has been in great demand. Statistics show that less than 1% of residential units are vacant. However, the disparity in real estate prices continues to be a major social and economic issue for the citizens. Considering that the average median household income is less than $45.000 gross yearly and the considerable fair rent should be one third of the income, that means $1250 monthly. The average monthly rent in the five boroughs for one-bedroom apartment is $2.000. One must ask, how affordable is housing in New York City? To aid low and middles income households, city government created affordable housing programs. Although it has helped many families, do these programs continue to be effective? Is affordable housing affordable in our city? We will further discuss the history of affordable housing in New York City, the current and most effective programs in our city and how affordable is housing for a recent college graduate