A new report called “Overlooked & Undercounted – struggling to make ends meet in New York City 2023” prepared for the Fund for the City of New York & United Way of New York City has been released. This report utilizes the 2023 New York City True Cost of Living, therefore the costs (housing, child care, food, health care, transportation, taxes and tax credits, and miscellaneous expenses) are representative of 2023 data (not included vacations, private schools, hobbies, after school programming etc). It is a geographically specific, and family composition-specific measures of income adequacy documenting the continuing increase in the real cost of living, illuminating the economic crunch experienced by so many families today.
The true costs of living for a family of 4 (2 adults, one preschooler and one school-aged child) in Northwest Brooklyn (including Carroll Gardens, Park Slope, DUMBO, Brooklyn, Heights, Red Hook etc.) are $142,000 per year and the highest in the City. Brooklyn without Northwest Brooklyn comes in at $114,000 in 2023.
Read the full report here.
