Housing costs in New York rose sharply relative to income from 2000 to 2012, with more than half of renters and more than a third of homeowners paying at least 30 percent of their 2012 income for a place to live, according to a report released by State Comptroller Thomas P. DiNapoli.
“Regardless of where they live, more New Yorkers are feeling pinched by rising housing costs,”DiNapoli said. “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.”
DiNapoli’s report evaluates New York state housing affordability trends from 2000 to 2012 using U.S. Census Bureau data. 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 percentage of households with rents above the affordability level increased from 40.5 percent in 2000 to 50.6 percent in 2012, while the percentage of homeowners above the affordability level rose from 26.4 in 2000 to 33.9 percent in 2012.