Real estate firm Douglas Elliman recently released a report which showed that median prices in New York's rental market dipped 0.4% in May compared to a year earlier. CNBC staffer Javier E. David explains how this slight dip does not help residents who are hard pressed to find affordable, and pleasing, housing in one of America's most expensive markets.
In order to find more affordable housing, a noticeable pattern of gentrification has occurred in New York as well as the rest of the country:
The study found that between 2000 and 2014, up-and-coming NYC neighborhoods like Williamsburg, Harlem and Astoria saw a large influx of college graduates, young adults, single residents and couples without children. In those gentrifying areas, the report noted a jump in income since 1990 that was not replicated in neighborhoods that had not gentrified, which saw a decline.