Deteriorating Housing Affordability Concerns

Market Trends

Renters & Homeowners Are Facing Deteriorating Housing Affordability Alike. Housing affordability is a critical concern confronting Westchester County and millions of New Yorkers.

In 2017, almost half of New York State’s rental households and more than one in four homeowners faced housing costs above the affordability threshold of 30 percent of household income that continues to rise today.

On the national level, New York’s rankings among all states for these housing affordability metrics deteriorated for renters and homeowners alike from 2008 to 2017. Main factors in analyzing housing affordability include: household income, overall housing costs, real estate taxes and relative scarcity.

 The challenge of finding an affordable home remains difficult for too many in New York State. As a result, large numbers of New Yorkers may be forced to limit their spending on basic needs such as food, health care and education, undermining standards of living and potential for quality of life. Negative impacts on New York’s overall economy may result, as well.

 Number of rental households in Westchester County 133,154 (38.5%).

Median monthly gross rent: $1,444.

Renter median monthly Income: $48,703.

Above affordability threshold 52.0%, severe cost burden 28.2%.

 

Number of homeowners in Westchester County 212,731 (61.5%).

Median monthly owner costs: $2539.

Homeowner median monthly income: $127,152.

Above affordability threshold 34.2%, severe cost burden 15.7%.

 

Successfully addressing these difficult challenges will require policy makers to consider factors including the particular urgency of the affordability problem for renters, variations in conditions and the effectiveness of policies and programs the State has already put into place to promote affordable housing in New York.

 

****The numbers are based on 2017 data.  

 

Published 6/9/19