The idea of being too poor is nothing new to New York.
There’s a long history of being able to afford to live in a big city, but it’s become less so over the past few decades.
In the 1960s, nearly half of all households had incomes above $30,000.
Today, it’s less than 20 percent.
The number of Americans without a mortgage has fallen from around 5.7 million in 2004 to about 3.6 million in 2017.
The average annual income of those living in poverty in 2017 was $37,064.
But those without mortgages are getting poorer every year.
As the number of families with children has risen over the last decade, the number with no children has also risen.
Between 2008 and 2016, the percentage of Americans living in homes that are in the bottom 20 percent of incomes increased from 11 percent to 19 percent, according to Census data.
Meanwhile, the poverty rate for all Americans has declined from 16.6 percent to 15.3 percent.
And in 2017, the average annual earnings for people in poverty, adjusted for inflation, was $33,085.
“There’s a lot of evidence that the housing crisis was exacerbated by the financial crisis,” says Paul Zolna, an economist at the Center for American Progress, a liberal think tank.
But while the number and type of homes in the city has changed significantly over the years, there is still a lot to understand about how people are paying for their homes.
“If you don’t have enough money, you’re going to have to find something to pay for,” says Zolana.
In some ways, Zolona is correct: Many people are struggling to make ends meet.
The median household income for a family of four in Manhattan was $83,500 in 2016, up from $82,700 in 2006, according the Census Bureau.
For families with one person working full-time, that’s up from about $65,000 in 2014.
But that income level isn’t what it used to be, says Zalaszewski.
He points out that while the city was once a place where families could afford to pay a mortgage, it has since become more expensive.
The price of a home in New York has been rising for a while now, but Zaliaszewski says that’s the reason it has increased so much in the last few years.
And as that price increases, so has the number living in substandard housing.
As a result, the city’s median income has fallen by $16,500, or 6 percent.
Meanwhile in the Bronx, median household incomes dropped by nearly $5,000, or 19 percent.
In Queens, median income dropped by $3,200, or 12 percent.
Even though the number for families with kids has been steadily rising over the decades, the median income for households with no kids has risen by $5.9, or 15 percent.
Zolanyaszky says that this is part of the reason that families are struggling.
“I think the housing situation is a little bit like the economy, if you will, which has gone through cycles,” he says.
The housing crisis is not just impacting the lower middle class, however.
It’s affecting people in the upper middle class as well.
The Census Bureau reports that in 2016 the median household wealth of the top one percent of earners increased by nearly 2 percent from $1.2 million to $1,4 million, or a total of $21.5 million.
In contrast, the bottom 80 percent of households saw their wealth decrease by 2.3 percentage points, or $11,000 a year.
“This has been going on for a long time, and the real estate market has been kind of slow to respond,” Zolnaszewski notes.
“We’re still a little more than two years from the market hitting its full burst of activity.”
In some places, this boom is now a bust.
The city is still recovering from the financial recession, but many areas have been hit hard.
Zalanyasszewski points to the city as one place that has experienced a big increase in foreclosures.
Between 2010 and 2016 the number foreclosed on in Manhattan soared from 7,814 to 10,936.
In Brooklyn, foreclosers went from 4,932 to 12,072.
“Foreclosures are a natural consequence of a bad housing market, and I think we need to be mindful of that,” says John Mungal, an economic historian at Columbia University.
In New York City, foreclosed homes are a big problem, but also a boon to the economy.
The foreclosure rate is more than 10 times higher than the national average, which makes it one of the most expensive cities in the country.
But even when the rate is higher than in other cities, it still falls in line with the rest of the country when it comes to foreclosing rates. In