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New York Times
6 days ago
- Business
- New York Times
Want to Rent a Studio in New York? You May Need a Roommate.
Trading space for savings in the bank is particularly appealing to people hoping to live alone. But in some U.S. cities, the median-earning renter may need a roommate to afford even a studio apartment, typically the smallest and most affordable units on the market. While rents across the country have come down a bit recently, they continue to be far less affordable than they were before the pandemic, according to the U.S. Department of Housing and Urban Development. And in hot markets like Miami and New York City, they show no signs of cooling down. The two cities have some of the least affordable studios in the country, according to a New York Times analysis of data from the U.S. census and Zillow's top rental markets, a list curated to be geographically representative of major markets across the country. Financial and housing experts consider a home affordable if it costs no more than 30 percent of a household's gross income. Under this guidance, the average rental prices for the smallest apartments in New York and Miami are two to three times what one person earning the median income in those cities can afford. In New York, full-time workers earned a median of $70,000 in 2023, according to the U.S. Census Bureau. Using the 30 percent formula, that would leave them with $1,750 a month for rent. But recent Zillow data shows that the average New York City studio currently rents for $3,200 a month. In Miami, the median-earning resident can afford a monthly rent of up to $1,200 on their own, while studios cost $2,100 on average. Based on median earnings, Americans without college degrees, who typically earn less, would have to squeeze in even more housemates. New Yorkers and Miami residents with a high school diploma, associate degree, or incomplete college education likely have to combine three incomes to comfortably afford studios. Without roommates or above-average incomes, renters will also struggle to find budget-friendly studios in other top markets including Orlando, Los Angeles and San Diego, according to the data. A Tight Squeeze A New York Times data analysis found that in Zillow's top rental markets*, the average studio rent surpassed or came close to 30 percent of median earnings, a threshold of housing affordability. 30 percent of median earnings Average studio rent Renters needed Market New York Miami Orlando Los Angeles San Diego Dallas Houston Chicago Phoenix Atlanta $1,757 $1,165 $1,315 $1,482 $1,829 $1,339 $1,322 $1,670 $1,342 $1,949 $3,225 $2,100 $1,530 $1,695 $1,995 $1,307 $1,219 $1,452 $1,075 $1,500 2 2 2 2 2 1 1 1 1 1 30 percent of median earnings Average studio rent Renters needed Market New York Miami Orlando Los Angeles San Diego Dallas Houston Chicago Phoenix Atlanta $1,757 $1,165 $1,315 $1,482 $1,829 $1,339 $1,322 $1,670 $1,342 $1,949 $3,225 $2,100 $1,530 $1,695 $1,995 $1,307 $1,219 $1,452 $1,075 $1,500 2 2 2 2 2 1 1 1 1 1 *Zillow's top rental markets are curated to be geographically representative of major markets across the U.S. Sources: Zillow, U.S. Census Bureau By The New York Times
CBS News
27-05-2025
- Business
- CBS News
Children of divorce face increased chance of teen pregnancy and jail, University of Maryland study finds
U.S. children whose parents divorce when they are age 5 or younger have reduced earnings as adults and increased chances by young adulthood of teen pregnancy, incarceration and death, according to a study conducted in part by economists at the University of Maryland. After a divorce, a household's income typically is halved as a family splits into two households, and it struggles to recover that lost income over the ensuing decade. Families after divorce also tend to move to neighborhoods with lower incomes that offer reduced economic opportunities, and children are farther away from their non-custodial parent, according to the working paper by economists at the University of California, Merced; the U.S. Census Bureau; and the University of Maryland. The three events — loss of financial resources, a decline in neighborhood quality and missing parental involvement because of distance or an increased workload required to make up for lost income — accounted for 25% to 60% of the impact divorce has on children's outcomes, the study said. "These changes in family life reveal that, rather than an isolated legal shock, divorce represents a bundle of treatments — including income loss, neighborhood changes, and family restructuring — each of which might affect children's outcomes," the economists wrote. Almost a third of American children live through their parents' divorce before reaching adulthood, according to the study. Many children of divorce have reached the heights of professional success, including former President Barack Obama and Vice President JD Vance, who lamented that divorce was too easily accessible during a 2021 speech at a Christian high school in California. The U.S. divorce rate has been on a decline for the past decade and a half, going from over 10% in 2008 to about 7% in 2022, according to the Census Bureau. The economists' study can't show the emotional impact of divorce, but some children of divorce said it resonated through adulthood, no matter what age they were when it happened. Brandon Hellan, 54, said it took him until his mid-30s before he felt like he could commit to getting married and having children. He thinks his parents' divorce when he was in his early 20s played a role since it felt at the time like an immense betrayal. "I really think my parents' divorce made me put up these walls and treat relationships like they were rentals, temporary," said Hellan, who lives in the St. Louis area and wasn't connected to the study. While the study shows the negative impacts of divorce, it can't show what families' lives would have been like if parents had stayed together, said Philip Cohen, a University of Maryland sociologist with no ties to the study. "Probably nobody can tell better than the parents facing the conditions of the marriage and the opportunity for divorce," Cohen said. "I believe parents are aware divorce may have harmful consequences for their children, and make difficult judgments about what is in their own best interest, as well as the interest of their children." Previous academic studies reached different conclusions about the impact of divorce on children. Some argued that unhappy marriages harm children by exposing them to conflict between their parents and that, generally, divorce is a better option for both parents and children. Other studies said divorce leads to reductions in financial resources, the time parents have to spend with their children and the emotional stability of their offspring. Yet other studies concluded that divorce has a minimal impact, one way or another. A big shortfall in reaching any conclusions has been a lack of data. But the authors of the new study said they overcame that limitation by linking data from federal tax records, the Social Security Administration and the Census Bureau for all children born in the U.S. between 1988 and 1993. The tax data traced marital histories and income of the parents and the census data provided information about households and outcomes from childhood to adulthood. The study compared outcomes among siblings by the amount of time a childhood was spent with divorced parents. It found that children whose parents divorced when they were age 5 or younger had a 13% smaller income by age 27, but there was little or no impact if the child was older than 18 when their parents divorced. A parental divorce increased the chances of teen pregnancy if it took place before the child was age 15. But that effect disappeared by age 20, as did the impact of any divorce on the chances of incarceration. There was also no noticeable effect on a child of divorce getting married by age 25, according to the study. The impact of divorce was similar across demographic groups, the study found.
Business Times
27-05-2025
- Business
- Business Times
Trump's anti-growth policies
[WASHINGTON, DC] Imagine someone announcing that they are going on a diet and then quitting exercise, doubling their caloric intake, and giving up just one piece of chocolate a day. Most people would conclude that the real goal is to gain weight, not to lose it. The same could be said of US President Donald Trump's economic policies: while allegedly aimed at stimulating growth and reducing inflation, they are likely to have the opposite outcome. Historically, economic growth has been driven by innovation, capital accumulation, an educated and expanding workforce, increased efficiency, and the movement of people from rural areas to cities, where productivity is much higher. Among economists, there is broad consensus that growth thrives in a business-friendly environment governed by the rule of law. But today, with labour-force growth slowing, there are few remaining gains to be made by shifting people from agriculture to higher-productivity sectors such as manufacturing and services. As traditional growth engines sputter, the most promising path forward lies in supercharging innovation, investing in education and training, and boosting capital accumulation. Instead, Trump has erratically raised tariffs – lifting some while reinstating others – attacked leading American universities, urged Congress to cut taxes, and adopted immigration policies that will shrink and weaken the US labour force. Coupled with his proposed Budget Bill, these moves are bound to fuel inflationary pressures, introduce further uncertainty, and reduce economic efficiency. Trump's tariff increases will undermine long-term growth by diverting investment away from productivity-enhancing technologies and innovation. Instead of developing new goods and services, resources will be directed towards producing expensive domestic substitutes for low-cost imports. Worse, Trump has hiked tariffs in ways that maximise uncertainty – the opposite of the stable, business-friendly environment that economic growth requires. If tariffs and a deteriorating business environment were the only forces dragging down gross domestic product growth, America's economic outlook would already be grim. But the damage is compounded by demographic trends. For a start, population growth is slowing. Without increased immigration, America's population is projected to begin declining in 2038. Between 2023 and 2038, according to the US Census Bureau, the entire workforce is expected to grow by less than 4 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up One key reason US GDP growth has outpaced that of most other developed economies since the Covid-19 pandemic is its relatively high immigration rate. But the Trump administration's anti-immigration policies will inevitably lead to the substitution of capital for low-skilled labour. This, in turn, is likely to reduce the rate of return on capital and slow overall economic growth. Trump has also promised to slash government spending, allowing Elon Musk's Department of Government Efficiency to fire tens of thousands of federal employees. In practice, however, these sweeping layoffs have been so indiscriminate that some fired workers have been asked to return to their former jobs. As is often the case in such situations, even the announcement of job cuts has prompted many highly trained and experienced employees to resign before receiving formal notice, with high-profile officials reportedly 'fleeing in bunches across agencies'. Worse still, Trump has launched an unprecedented attack on the higher education system – a pillar of US soft power that attracts top talent from around the world and generates billions of dollars in educational exports. Research at leading universities, much of it in collaboration with government agencies, has been central to maintaining America's technological leadership. Yet funding for government-supported research projects at many universities has been delayed or withdrawn, leading to a growing academic brain drain. Numerous research projects have been halted, and many would have to be restarted from scratch if they are resumed at all. The economic implications could be far-reaching. With US birth rates already declining, colleges and universities are competing for fewer students, and some institutions are closing altogether. Despite this, the Trump administration is revoking student visas and has even barred Harvard from enrolling international students, further shrinking the pool of prospective workers – particularly those with advanced degrees and valuable technical skills. By cutting research funding, turning away international talent, attacking higher education, and creating tariff chaos, the Trump administration is severely undermining the foundations of American prosperity. With fewer research breakthroughs and a shrinking, less-skilled workforce, America's ability to drive economic growth through innovation is in serious jeopardy. A country's power largely rests on the strength of its economy. While Trump's policies may push the US towards a recession, that could be the least of its worries. The greater danger is the growing likelihood of a prolonged economic slowdown, if not outright stagnation. PROJECT SYNDICATE The writer, a former World Bank chief economist and former first deputy managing director of the International Monetary Fund, is senior research professor of international economics at the Johns Hopkins University School of Advanced International Studies and senior fellow at the Centre for International Development at Stanford University
Washington Post
26-05-2025
- Business
- Washington Post
US children of divorce have reduced earnings, increased chances of teen births and jail, study says
U.S. children whose parents divorce when they are age 5 or younger have reduced earnings as adults and increased chances by young adulthood of teen pregnancy, incarceration and death, according to a study released this month. After a divorce, a household's income typically is halved as a family splits into two households, and it struggles to recover that lost income over the ensuing decade. Families after divorce also tend to move to neighborhoods with lower incomes that offer reduced economic opportunities, and children are farther away from their non-custodial parent, according to the working paper by economists at the University of California, Merced; the U.S. Census Bureau; and the University of Maryland. The three events — loss of financial resources, a decline in neighborhood quality and missing parental involvement because of distance or an increased workload required to make up for lost income — accounted for 25% to 60% of the impact divorce has on children's outcomes, the study said. 'These changes in family life reveal that, rather than an isolated legal shock, divorce represents a bundle of treatments — including income loss, neighborhood changes, and family restructuring — each of which might affect children's outcomes,' the economists wrote. Almost a third of American children live through their parents' divorcing before reaching adulthood, according to the study. Many children of divorce have reached the heights of professional success, including former President Barack Obama and Vice President JD Vance, who lamented that divorce was too easily accessible during a 2021 speech at a Christian high school in California. The U.S. divorce rate has been on a decline for the past decade and a half, going from over 10% in 2008 to about 7% in 2022, according to the Census Bureau. The economists' study can't show the emotional impact of divorce, but some children of divorce said it resonated through adulthood, no matter what age they were when it happened. Brandon Hellan, 54, said it took him until his mid-30s before he felt like he could commit to getting married and having children. He thinks his parents' divorce when he was in his early 20s played a role since it felt at the time like an immense betrayal. 'I really think my parents' divorce made me put up these walls and treat relationships like they were rentals, temporary,' said Hellan, who lives in the St. Louis area and wasn't connected to the study. While the study shows the negative impacts of divorce, it can't show what families' lives would have been like if parents had stayed together, said Philip Cohen, a University of Maryland sociologist with no ties to the study. 'Probably nobody can tell better than the parents facing the conditions of the marriage and the opportunity for divorce,' Cohen said. 'I believe parents are aware divorce may have harmful consequences for their children, and make difficult judgments about what is in their own best interest, as well as the interest of their children.' Previous academic studies reached different conclusions about the impact of divorce on children. Some argued that unhappy marriages harm children by exposing them to conflict between their parents and that, generally, divorce is a better option for both parents and children. Other studies said divorce leads to reductions in financial resources, the time parents have to spend with their children and the emotional stability of their offspring. Yet other studies concluded that divorce has a minimal impact one way or another. A big shortfall in reaching any conclusions has been a lack of data. But the authors of the new study said they overcame that limitation by linking data from federal tax records, the Social Security Administration and the Census Bureau for all children born in the U.S. between 1988 and 1993. The tax data traced marital histories and income of the parents and the census data provided information about households and outcomes from childhood to adulthood. The study compared outcomes among siblings by the amount of time a childhood was spent with divorced parents. It found that children whose parents divorced when they were age 5 or younger had a 13% smaller income by age 27, but there was little or no impact if the child was older than 18 when their parents divorced. A parental divorce increased the chances of teen pregnancy if it took place before the child was age 15. But that effect disappeared by age 20, as did the impact of any divorce on the chances of incarceration. There also was no noticeable effect on a child of divorce getting married by age 25, according to the study. The impact from divorce was similar across demographic groups, the study found. ___ Follow Mike Schneider on the social platform Bluesky: @ .
Associated Press
26-05-2025
- Business
- Associated Press
US children of divorce have reduced earnings, increased chances of teen births and jail, study says
U.S. children whose parents divorce when they are age 5 or younger have reduced earnings as adults and increased chances by young adulthood of teen pregnancy, incarceration and death, according to a study released this month. After a divorce, a household's income typically is halved as a family splits into two households, and it struggles to recover that lost income over the ensuing decade. Families after divorce also tend to move to neighborhoods with lower incomes that offer reduced economic opportunities, and children are farther away from their non-custodial parent, according to the working paper by economists at the University of California, Merced; the U.S. Census Bureau; and the University of Maryland. The three events — loss of financial resources, a decline in neighborhood quality and missing parental involvement because of distance or an increased workload required to make up for lost income — accounted for 25% to 60% of the impact divorce has on children's outcomes, the study said. 'These changes in family life reveal that, rather than an isolated legal shock, divorce represents a bundle of treatments — including income loss, neighborhood changes, and family restructuring — each of which might affect children's outcomes,' the economists wrote. Almost a third of American children live through their parents' divorcing before reaching adulthood, according to the study. Many children of divorce have reached the heights of professional success, including former President Barack Obama and Vice President JD Vance, who lamented that divorce was too easily accessible during a 2021 speech at a Christian high school in California. The U.S. divorce rate has been on a decline for the past decade and a half, going from over 10% in 2008 to about 7% in 2022, according to the Census Bureau. The economists' study can't show the emotional impact of divorce, but some children of divorce said it resonated through adulthood, no matter what age they were when it happened. Brandon Hellan, 54, said it took him until his mid-30s before he felt like he could commit to getting married and having children. He thinks his parents' divorce when he was in his early 20s played a role since it felt at the time like an immense betrayal. 'I really think my parents' divorce made me put up these walls and treat relationships like they were rentals, temporary,' said Hellan, who lives in the St. Louis area and wasn't connected to the study. While the study shows the negative impacts of divorce, it can't show what families' lives would have been like if parents had stayed together, said Philip Cohen, a University of Maryland sociologist with no ties to the study. 'Probably nobody can tell better than the parents facing the conditions of the marriage and the opportunity for divorce,' Cohen said. 'I believe parents are aware divorce may have harmful consequences for their children, and make difficult judgments about what is in their own best interest, as well as the interest of their children.' Previous academic studies reached different conclusions about the impact of divorce on children. Some argued that unhappy marriages harm children by exposing them to conflict between their parents and that, generally, divorce is a better option for both parents and children. Other studies said divorce leads to reductions in financial resources, the time parents have to spend with their children and the emotional stability of their offspring. Yet other studies concluded that divorce has a minimal impact one way or another. A big shortfall in reaching any conclusions has been a lack of data. But the authors of the new study said they overcame that limitation by linking data from federal tax records, the Social Security Administration and the Census Bureau for all children born in the U.S. between 1988 and 1993. The tax data traced marital histories and income of the parents and the census data provided information about households and outcomes from childhood to adulthood. The study compared outcomes among siblings by the amount of time a childhood was spent with divorced parents. It found that children whose parents divorced when they were age 5 or younger had a 13% smaller income by age 27, but there was little or no impact if the child was older than 18 when their parents divorced. A parental divorce increased the chances of teen pregnancy if it took place before the child was age 15. But that effect disappeared by age 20, as did the impact of any divorce on the chances of incarceration. There also was no noticeable effect on a child of divorce getting married by age 25, according to the study. The impact from divorce was similar across demographic groups, the study found. ___ Follow Mike Schneider on the social platform Bluesky: @
