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New Vacancy Survey Data

by Emanuel Tobier, May 01, 2000
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With the economy booming, more of the City's residents are employed are than ever. But there is still the nagging question of how well they are doing. We know that those who are employed in the city's Manhattan-based global economy sector are raking it in. But what about New York's rank and file? The evidence here is far from discouraging. A recently opened window on this subject is provided by the 1999 New York City Housing and Vacancy Survey. Sponsored by the New York City Department of Housing Preservation and Development, the NYCHVS has been conducted every three years since 1965 by the US Census Bureau. The survey's sample size, approximately 18,000 housing units, is large enough by the Census's exacting standards to be representative of the City's population and housing stock. According to the HVS, inflation-adjusted median household income in the city increased by 4% between 1995 and 1998 and by 13% from 1992 to 1998. In fact, New York outperformed the nation on this score for the longer period -- 13% versus 9% -- though it did lag in the more recent timespan -- 4% in the City versus 7% nationally. There was also a significant reduction in the poverty rate among the City's households from 21% in 1995 to 18% in 1998.

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