Report Shows the Cost of Homeownership and Rent is Out of Reach for Many in the Hudson Valley
Hudson Valley Pattern for Progress has released a report that claims the path to homeownership is shut down in the region, as median home prices exceed mortgage qualifications by more than $100,000 in all nine counties the organization serves.
The not-for-profit blames the affordability crisis for housing in the region on stagnant wages, increasing rents and skyrocketing home prices that have stretched household budgets to their limits. Among the report’s findings include that single adults working 40 hours per week on average renter wages cannot afford a one-bedroom apartment in any of the nine counties. Renters would need to earn anywhere from $1 to $26 more per hour to afford rent in their respective counties. Renters in every county are considered “cost burdened.” Also, fair-market rents would need to decline anywhere from $33 to $1,343 per month to make them affordable for a person earning average renter wages across the region.