Half of New York's Working-Age Households Can’t Meet Basic Needs

Inflation, the pandemic and high living costs have made New York City unaffordable for many of its residents, but what is being done about the crisis?

New York skyline
(Image credit: Getty Images)

There is no doubt that wallets across the country are being squeezed. From food prices rising by 8.5% across the year to high utility bills driving homeowners to downsize their properties, no one has been able to escape the ongoing financial grind.

It’s especially true for New York City residents, where a new report has found 50% of working-age households do not earn enough to meet basic needs.

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Tom Higgins

Tom is a journalist and writer with an interest in sustainability, economic policy and pensions, looking into how personal finances can be used to make a positive impact. He graduated from Goldsmiths, University of London, with a BA in journalism before moving to a financial content agency. His work has appeared in titles Investment Week and Money Marketing, as well as social media copy for Reuters and Bloomberg in addition to corporate content for financial giants including Mercer, State Street Global Advisors and the PLSA. He has also written for the  Financial Times Group.

When not working out of the Future’s Cardiff office, Tom can be found exploring the hills and coasts of South Wales but is sometimes east of the border supporting Bristol Rovers.