The rising costs of living have pushed an additional 100,000 New Yorkers into poverty, bringing the city’s poverty rate to 25%, nearly double the national average, according to a new report.
The findings, based on 2023 data analyzed by Robin Hood and Columbia University’s Center on Poverty and Social Policy, show that about two million city residents now live in poverty, including 1.6 million adults and 420,000 children. The child poverty rate rose to 26%, the highest recorded since the Poverty Tracker began monitoring child poverty in 2017, according to a press release.
Richard R. Buery, Jr., chief executive officer of Robin Hood, said the high cost of living in New York was strenuous for families who needed at the very least $50,000 to cover the basics. He said federal relief programs including like Empire State Child Credit were necessary to alleviate the impact of high cost of living.
“Inflation has hit everyone hard. Over the last year alone, an additional 100,000 New Yorkers fell into poverty. One in four New York children remains below the poverty line, one of the highest child poverty rates in the nation," he said. "We must resist any efforts to cut or eliminate the federal safety net programs on which these families rely. Threatened reductions to these vital supports would be nothing short of a mass impoverishing event."
The cost of essential goods including food, shelter and utilities rose faster than income growth and overall inflation in 2023, while the poverty threshold for a renting family of four increased to $47,190, up 7.5% from the previous year’s threshold of $43,890.
Although the rate of New Yorkers who couldn't afford essentials like food and medical care declined slightly from 29% in 2022 to 26% in 2023, the study notes that many continue to struggle despite living above the poverty line.
According to the 2025 Poverty Tracker, 78% of New York families with children, which equates to more than 1 million children, would benefit from the Child Poverty Reduction Advisory Council’s recommendations. These include expanding the state’s child tax credit and Supplemental Nutrition Assistance Program, creating a statewide housing voucher program, and increasing public assistance.
The report found that among families eligible for these programs:
-
43% could not cover a $400 emergency expense in 2023.
-
73% reduced their savings due to rising costs.
-
31% took on additional work to cope with inflation.
-
54% were rent-burdened, spending more than 30% of their income on rent.
