Redfin CEO Glenn Kelman assesses the state of housing, the increase in homebuying demand and weighs in on Federal Reserve Chairman Jerome Powell’s handling of rate cuts.
Year after year, rising rent costs in New York City are putting homeownership out of reach for more and more people. But a new report released Monday shows just how much farther New Yorkers could stretch their dollars to comfortably purchase a home if they’re willing to move.
The report, from realtor.com, quantifies the dramatic rent increases in the Big Apple, which have been rising annually since spring 2022, when they first rebounded to pre-pandemic levels.
According to the report, the median asking rent citywide in October was approximately $3,374 — a 1.7% year-over-year climb.
Of the five boroughs, The Bronx, with a median asking rent of $3,164 in October, saw the steepest rise, with an 8.6%…
