Explaining America’s housing affordability crisis

New York City's mayoral election was fought and won largely on the issue of affordable housing. It's easy to understand why. According to realtor.com, the median asking rent in New York City accounted for 55% of a typical household income, which is well above the commonly accepted 30% affordability threshold. End quotes. Households that spend more than 30% of their income on rent are considered costburdened by the government.New York City is America's most expensive city, but home affordability is not just ...