With generous funding and support from Deutsche Bank, this study focuses specifically on renters in the New York City metro area. By focusing on the New York City metro area, this report adds a geographically specific lens to the housing affordability crisis, illustrating how the struggle to pay rent intersects directly with financial health and overall well-being.
Read the report
This report explores how high housing costs shape the financial lives of low-to moderate-income renters in the New York City metro area.
Through survey data from SaverLife members and qualitative interviews with members experiencing housing insecurity, several key themes emerged.
Nearly 60% of members are rent-burdened, meaning they spend more than 30% of their income on housing. Over 40% are severely burdened, paying more than half of their income toward rent.
Nearly half (49%) of members reported paying rent late at least once in the past year, and more than a third (37%) had done so multiple times. At the time of the survey, 28% were behind on rent.
Over half of members (53%) experienced an income shock such as job loss or reduced hours in the past year. Those who experienced a shock were 2.6 times more likely to face an eviction threat than those who didn’t.
Paying rent often comes at the expense of other essentials. 60% of members say rent makes it difficult to save for retirement. 40% say it interferes with their ability to afford child care. Many report cutting back on food, health care, or relying on credit to cover basic needs.
Members with more savings were better able to stay current on rent. This underscores the important role of emergency savings in protecting against housing insecurity.
While awareness of available housing support is relatively high, access remains limited: 80% of members threatened with eviction turned to local organizations for help. Less than half received government aid. Many cited income cliffs and complex application processes as barriers.
Despite persistent instability, 84% of members say they still hope to own a home. But many face systemic barriers, including rising costs, limited access to financial tools, and lack of support navigating the housing system.
Meet a New York City SaverLife Member
Felecia’s housing experiences pose an ongoing question about her future: should she move elsewhere? And where will she go to afford rent, maintain financial stability, and still have ties to her support network? Learn how Felecia is navigating housing in New York City and redefining her goals of homeownership. Read her story.
