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| "There are many more people in New York City who struggle to meet their basic needs than the government's official poverty statistics capture," the authors of the report write. |
| "We find that New York City families struggling to make ends meet are neither a small nor a marginal group, but rather represent a substantial proportion of households in the state." |
| The percentage of working families unable to “meet the minimum cost of living in New York City” went up from 36% in 2021 to 50% in 2023, according to the report. This means there are roughly 1.3 million households or approximately 3 million people living with financial instability and insecurity, who are unable to afford their basic needs including housing, food, transportation, and health care. |
| The surge was driven by the sharp rise in prices in recent years - especially for housing and childcare. |
| The 2023 report found that people of color, single mothers, and immigrants, particularly Hispanic immigrants, were the most financially insecure populations in New York City. |
| People of color also disproportionately face economic insecurity in New York City: 65% of Hispanic, 60% of American Indian households, 58% of Black, and 51% of Asian, Native Hawaiian, and Pacific Islander households are experiencing economic insecurity. The Hispanic population has more than double the economic insecurity rate of white households, per the report. |
| Immigrants are still experiencing vast income inequality in New York City, the report shows. Roughly 64% of undocumented families do not have incomes to meet their basic needs. Even 54% of naturalized citizens still can’t afford basic needs. |
| Among households with at least one person working, 40% could not cover basic costs, it found, while more than half of those who did not make enough to cover the cost of living had at least some college education. |
| In 2023, a family of four would need to make more than $100,000 (£80,000) to match costs anywhere in New York City. That is significantly higher than the roughly $70,000 median household income in the city reported by the US census. |
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