City's transit costs most affordable in the nation: Study
AM New York, 2014-08-12
Aug. 12 -- New York's relatively cheap transportation options help to make living in the Big Apple easier on the wallet compared to other cities, a report released Tuesday said.
The Citizens Budget Commission's study found New York is seventh costliest area in the U.S. when it comes to housing with average annual rent at $14,700 , but it ranked last when it came to costliest area for commuting.
New York has the lowest annual transportation costs in the nation at about $5,752 , and 56% of residents don't own a car, making it the only city where a majority of its population doesn't drive.
"It's the MTA that makes New York City more affordable, and New Yorkers should recognize the importance of adequately maintaining and funding our public transit system," Charles Brecher , the CBC's consulting research director said in a statement.
The nonprofit, which analyzed data from the U.S. Department of Housing and Urban Development , said New York comes in third in "location affordability," which measures combined housing and transportation costs. Washington, D.C. and San Francisco ranked first and second, respectively.
San Jose had the highest annual transportation costs with close to $11,000 a year.
Brecher and the group pushed for more focus on the city and state's various transit agencies and an increase on density in transit corridors to improve affordability in the city.
"Transportation to and from home is a key related factor -- and that relatively low cost works heavily in New York City's favor," he said.
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