Housing affordability is simultaneously an abstract idea, a very tangible concern for many, and a technical bureaucratic term which defines much of housing policy in the United States. Affordability is defined as housing costs not exceeding 30% of a household’s gross income.
In New York City, many residents are rent-burdened—meaning they spend more than this 30% threshold on housing— leaving them with less remaining income for everything else. Over half of the city’s renters are currently rent-burdened. For many low and extremely low-income families, the percentage of income spent on rent can exceed 50%, making paying for other essential goods incredibly challenging.
