New York renters are spending a greater portion of their income on housing than residents in any other state, according to a new report from WalletHub.
The 2025 study analyzed rent, mortgage payments, and energy costs across all 50 states, comparing them to median household incomes. The findings reveal that housing expenses in the Empire State consume over half of the average renter’s income.
WalletHub: NY renters face steepest housing burden
According to WalletHub, New York renters spend 54.52% of their median monthly household income on housing—ranking the state No. 1 for renter burden in the country. The analysis used data from sources including the U.S. Census Bureau, Zillow, and the Council for Community and Economic Research.
Here are the top 10 states where renters spend the largest share of their income on housing:
- New York – 54.52%
- Hawaii – 52.88%
- Massachusetts – 48.78%
- Florida – 42.64%
- Maine – 41.78%
- California – 41.76%
- Illinois – 39.74%
- Oregon – 38.03%
- Vermont – 37.41%
- Rhode Island – 36.01%
Housing analysts say these figures reflect a nationwide affordability crisis, especially in urban markets where rents are rising faster than wages.
“In some states, housing costs can take up around 50% of the median income in order to manage expensive mortgage payments and other key housing costs,” said WalletHub analyst Chip Lupo. “It’s important for homeowners to budget effectively.”
How New York compares for homeowners
While New York leads in renter housing costs, it ranks No. 12 among states where homeowners spend the most on housing. In the Empire State, homeowners pay 30.70% of their income toward mortgage and housing-related costs.
By contrast, here are the top five states where homeowners spend the most:
- Hawaii – 53.47%
- California – 45.99%
- Oregon – 36.27%
- Nevada – 35.29%
- Washington – 34.82%
Buffalo offers rare affordability
Despite the high statewide costs, Buffalo continues to stand out as an affordable option for renters. The Queen City topped Zillow’s list of the hottest housing markets of 2025, driven by strong job growth and relatively low housing costs.
Buffalo also ranked as the most affordable U.S. city for minimum-wage renters, according to a 2024 study by Clever Real Estate. Renters there spend about 39% of their income on a one-bedroom unit, below the national average for urban areas.
These trends highlight the growing divide in New York’s housing landscape—where cities like Buffalo offer rare affordability while much of the state, especially downstate, continues to struggle with high housing costs.
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