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With the US median wage at $5,000 a year, New Yorkers spent 1/10 of their salaries on rent [in the 1950s]...These days a depressing number of young New Yorkers spend over half their income on housing. Rent hikes have transformed a once-democratic city into a playground for the privileged. — The Los Angeles Review of Books
Don't adjust for inflation: it will just depress you. This article in The Los Angeles Review of Books historically traces the drastic rise of housing costs for renters from the middle of the 20th century to the present day through a series of inflation adjustments, edgy banking moves, and the... View full entry
