New York City’s budget gaps may reach as high as $10 billion in FY 2027 and grow to $13.6 billion by FY 2029, based on risks including slowing economic growth, rising costs and the restructuring of the funding relationship between the federal government, states and their localities. Mindful of the current economic trajectory and what is transpiring in Washington, the City must make balanced and sustainable fiscal choices this year to manage its substantial operational needs and encourage employment and business growth.

The New Yorkers’ Financial Snapshot brings together recent data from national and State sources to provide an overview of household financial health. This snapshot examines key indicators such as income, assets, debt, and financial stress, offering insight into how New Yorkers have fared in recent years and how they compare to national trends.

New York’s young adults — some members of Generation Z (born 1997-2012) and Millennials (born 1981-1996) — are facing a complex economic landscape, including higher unemployment rates, increasing costs, and larger debt burdens, that threatens their financial well-being. Rising household expenses, particularly for food, housing, and transportation, have outpaced growth in income. These conditions raise concerns about the State’s ability to retain its young workforce, critical for sustaining long-term growth.

New York City Health + Hospitals will see pressure on key sources of revenue as Medicaid and low-income patients that rely on federal support lose health insurance, while reimbursement rates for health care programs are cut by Washington, making it harder for the largest public health system in the country to reach its financial goals.