60% Of Hudson Valley Renters Spending More Than They Should On Rent
There is a housing affordability crisis in the Hudson Valley.
If you're reading this, you most likely live in the Hudson Valley. Which means you know how expensive it is to live in this region. According to the Community Service Society, it's beyond expensive, it's an affordability crisis.
Community Service Society reports that over 60% of renters in Poughkeepsie, Newburgh, and Middletown are paying more than 30% of their income as rent. It's a general rule of thumb to spend 30% of your income on housing. The other areas in New York State that faced the same issue are Long Island, New York City, Westchester, Rochester, and other locations.
In the Hudson Valley, affordable rentals dropped from 64,200 in 2012 to 53,900 in 2017. That's a 16% drop, and the second highest drop in New York State, according to the Community Service Society. Poughkeepsie renters also have 43% of renters with income below $25,000. Newburgh renters have 42% of renters with income below $25,000.