Furman Report: Lower East Side Housing, Population Snapshot
NYU’s Furman Center has released its annual report looking at demographic changes in New York City’s neighborhood. As usual, we’re using the opportunity to zero in on how Manhattan Community District 3 (the Lower East Side and Chinatown) is changing.
This year, the report focus on a hot topic – income inequality. Here’s a a section from the Furman Center’s press release to give you a sense of the big picture citywide:
The State of New York City’s Housing and Neighborhoods in 2013, released today by the NYU Furman Center, found that income inequality has become more pronounced in New York City since the 1990s. The share of NYC households earning more than $250,000 (in real terms) in annual income grew from 3 to 5% from 1990 to 2012, while the share of households earning $40,000 or less grew from 35 to 40% … As income inequality has grown, it has become more difficult for moderate- and low-income New Yorkers to find affordable rental housing. From 2005 to 2012, NYC renters’ income stagnated while the cost of renting increased. As a result, the share of rental units that are affordable to lower-income New Yorkers declined. Moderate-income households (those earning between $45,000-70,000) are more rent burdened in New York City than in the U.S. overall. “Rent burdened” is defined as paying 30% or more of pre-tax income on rent and utilities.
Now on to some of the LES/Chinatown-specific stats. Most of the number crunching reflects 2012 data.
- In 2012, the population is CD3 rose to 167,050, up just about 1,200 from the previous year.
- Median income was $41,512 compared with $39, 932 in 2011. That’s still about $10,000 less the citywide median income.
- The neighborhood was the fourth most racially diverse in the city, unchanged from the previous year.
- Looking at the rental housing stock, 27% was market rate, 21% public housing and 42% rent subsidized or rent regulated.
- The home ownership rate in 2012 was 12.5%.
- In the year 2013, the median home sales price (for buildings with at least 5 units) was about $368,000. In comparison that number was around $85,000 in the year 2000. The LES had the highest price appreciation of any neighborhood.
- The median monthly rent in 2012 was $1,073, up from $900 in the year 2006.
- The foreign born population in 2012 was 35%.
- The poverty rate in 2012 was 25%, a little bit higher than the citywide number.
- There were fewer households with children under the age of 18 in CD3 than all but four other community districts.
- Community District 3 had the fourth highest percentage of public housing units compared with the overall rental apartment stock.
If you would like to read the complete, Lower East Side/Chinatown report, see below. The whole Furman Center survey can be found here.