State Comptroller Thomas DiNapoli just released a report that will surprise no one: It's expensive to live in New York. Here are some factoids from his findings:
- Statewide, the estimated percentage of rental households with rents above the affordability level increased from 40.5 percent in 2000 to 50.6 percent in 2012.
- The federal government describes affordable housing costs as being below 30 percent of household income. Statewide, more than 3 million households are at or above the affordability threshold of 30 percent of household income.
- The number of rental households in this category jumped by more than 25 percent over the period. In 2012, more than one in four rental households paid gross rents that consumed at least half of their household income - a level the Census Bureau describes as “severely housing cost burdened.”
- In 2012, more than 50 percent of New York State’s rental households and more than 30
percent of State homeowners faced housing costs above the affordability threshold of
30 percent of household income.
- Median household income for homeowners declined by 1.6 percent over the period, while median household income for renters declined more sharply, by 7.1 percent in real terms. Median housing costs increased over this period for both rental households (by 18.6 percent) and owner households (by 9.9 percent) in inflation-adjusted terms.
Where is the least affordable county for renters in New York? It's the Bronx, with 57.6% households above the affordability threshold (other extremely unaffordable countries are Greene, Ulster, Rockland and Orange). For home owners, it's Kings County (46.7% households are above by the affordability threshold), followed by Nassau, Suffolk, the Bronx and Queens.
DiNapoli said, "Regardless of where they live, more New Yorkers are feeling pinched by rising housing costs. When half your income goes to pay for a place to live, you are going to be stretched thin on other every day purchases. This unfortunate trend has troubling implications for our economic growth and for New Yorkers’ quality of life."