NEW YORK, Feb. 20 (Xinhua) -- New Yorkers pay 1.3 times more for housing in absolute terms than average Americans, a new report showed.
Nearly one third of New Yorkers (31 percent) exceeded their initial budget on their current home, according to the New York City Housing & Moving Trends Report released by the real estate site StreetEasy on Tuesday.
Millennials are more likely than any other generation to exceed their budget, with 45 percent choosing a more expensive home than they had planned on, compared to 30 percent of Generation Xers and 19 percent of baby boomers, it said.
However, more than two-thirds of millennials said they are satisfied with their New York City lives, compared to 57 percent of New Yorkers overall, it said.
The report also found 52 percent of renters say New York City is unaffordable, compared to 39 percent of homeowners.
More than one third (39 percent) of New Yorkers cite the high cost of living as a top reason they would leave the city, with the desire for a bigger home and to buy a home also ranking highly -- 32 percent and 29 percent, respectively.
The StreetEasy report surveyed 1,000 renters and homeowners living across New York City's all five boroughs, and detailed the ways New Yorkers struggle to find an affordable home after the rapid rise in prices and rents over the past decade.
