Is Rent the Solution to the Homeownership Crisis in New York?

When it comes to affording things, living in New York can be frustrating. In New York City, also known as the "concrete jungle," the numbers don't lie.

According to a recent study by Creditnews Research, the average income for the New York-Newark-Jersey City area is around $7,630 per month and the average rent in the city is  $3,206 per month! WOW, holy unaffordability Bat Man.

That's a rent-to-income ratio of 42%, which means that almost half of your money goes straight to your landlord. But the rental affordability struggle isn't just limited to NYC.

Rent all across New York is high.. From Albany to Buffalo, renters face some hard challenges. Smaller towns might not have quite the same high rent as the city, but it can still be a struggle.

In the search for affordable rent, it may come as a surprise that the New York State metro areas that offer the most relief aren't in Manhattan or Brooklyn. It's places like Rochester, Syracuse, and The Finger Lakes that have wallet-friendly rental market. However, across the Empire State, finding affordable options is stull frustrating.

The bad news is that rent prices in New York keep on climbing. The rent increases show no signs of stopping, which makes it a bigger challenge staying here. It's almost like they are encouraging us to move...or they want to take it over for themselves. Hmm.

They wonder why more and more people are heading south. They've blamed the weather but rising rental costs taking more of our monthly income could be the answer. It feels like a no win situation especially if you don't have the option to leave this (once) great state.