The report was released as part of a daylong panel at the Ford Foundation.
According to the report's latest findings, 50% of working-age New Yorkers are struggling to cover their basic needs.
That equates to 1,298,212 households or 2,991,973 people and marks a 38% increase from the 2021 TCL report, showing the profound economic impact the COVID-19 pandemic had on New York City working-age households.
"What I would say to the average New Yorker is it's not your imagination and it's not your fault," said President and CEO of United Way of NYC Grace Bonilla.
The percentage of households struggling to afford basic needs was higher than any other year in the report's two-decade history of studying the cost of living.
The report found that households need to bring in at least $100,000 a year to afford food, housing and transportation and a family of four needs to bring in $150,000.
The study found the highest rates of households struggling with income inadequacy are found in the Bronx -- particularly the central Bronx, and parts of Brooklyn, including Brownsville and Ocean Hill.
Researchers said that Latino, Black and immigrant New Yorkers are impacted most by the city's sky-high cost of living.
Additionally, households with children are at a greater risk of not meeting their basic needs, accounting for more than half of households with incomes below the TCL.