A recent report released by the United Way of New York City sheds light on the challenges of living paycheck to paycheck.
According to the report "The True Cost of Living," which was published on Tuesday, half of all households in New York City do not make enough money to get by on their own without help from the government, their families, or their communities.
The rising cost of child care has become a burden for middle-class New Yorkers. One woman claims, for instance, that she pays about $2,700 a month for daycare, which can be extremely expensive when you add in rent and other expenses.
The Numbers
The research states that whereas median wages have climbed by 71%, expenses have increased by 131%. In 2021, 36% of households did not have enough money to meet their fundamental requirements.
According to the most recent data, 50% of New Yorkers who are of working age have financial difficulties. Furthermore, about 3 million New Yorkers have trouble affording wholesome meals.
Policy Suggestions
Among the policy suggestions made on Tuesday are:
- -Adopt the JustPay initiative to raise the pay of human care providers.
- -Adopt the Community Land Act to increase the affordability of homes.
- -Enhance public housing and childcare assistance initiatives.
- -To save money down the road, and increase access to preventative healthcare treatments.
Manhattan Has a Higher Genuine Cost of Living
According to the survey, Lower Manhattan has a higher genuine cost of living, at $7,956 per month.
The Bronx has the lowest cost. However, to make ends meet, an adult and two school-age children still require over $5,000 each month.