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Hudson Valley Home Values Are Too Damn High Says NYS Comptroller

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The NYS Comptroller states that nearly 40% of Hudson Valley homes are unaffordable and the situation is getting worse.

Hudson Valley homeownership is becoming a rarity. Hudson Valley Home values are making Hudson Valley homes unaffordable. Yet, this is not surprising to anyone who lives there.

The NYS Comptroller’s Office has confirmed that Hudson Valley housing affordability is a ticking time bomb.

The report ranked the lower and mid-Hudson Valley counties in the top 15 counties with the highest share of homeowners burdened by overwhelming housing costs. The state comptroller’s report also stated that nearly 40% of Hudson Valley homeowners can’t afford their home.

Affordable Housing is regarded as anything where the homeowner pays less than 30% of their income to live there. However, affordable housing remains elusive for many New Yorkers.

As a result, NYS Comptroller Thomas DiNapoli sounded the alarms. He wrote in the report and told the media:

High housing costs may force families and individuals to scrimp on other necessities or go without them altogether,” he said. “Many find it impossible to put aside savings for emergency needs, college or retirement; some may face eviction or conclude their only choice is to move to lower-cost locations.

Dutchess

The NYS Comptroller’s report shows 32% of households in Dutchess County were overburdened by housing costs and 12.8% were severely burdened.

  • Dutchess County ranked 11th highest share of overburdened households
  • Median monthly owner costs: $1,772
  • Median owner income: $95,271

Orange

The NYS Comptroller’s report shows 33.9% of households in Orange County were overburdened by housing costs and 13.9% were severely burdened.

  • Orange County ranked 10th highest share of overburdened households
  • Median monthly owner costs: $1,805
  • Median owner income: $94,970

Putnam

The NYS Comptroller’s report shows 35.1% of households in Putnam were overburdened by housing costs and 14.5% were severely burdened.

  • Putnam County ranked 8th highest share of overburdened households
  • Median monthly owner costs: $2,240
  • Median owner income: $113,960

Ulster

The NYS Comptroller’s report shows 31.2% of households in Ulster County were overburdened by housing costs and 13.8 percent were severely burdened.

  • Ulster ranked 13th. The county had one of the highest shares of overburdened households
  • Median monthly owner costs: $1,379
  • Median owner income: $76,884

Rockland

Rockland County came in the highest for the region with 38.5% of households overburdened by housing costs and 17% severely burdened.

  • Rank: 4th highest share of overburdened households
  • Median monthly owner costs: $2,433
  • Median owner income: $115,523

Housing costs include expenditures such as utilities and fuel. Mortgage payments and insurance also play an import role. In addition, real estate taxes also play a key role in making housing unaffordable. Ask any New Yorker to show you their tax bill.

High housing burden is a reality for nearly 40% of New York households according to the report. In 2017, housing costs for about 2.8 million of the state’s 7.3 million households and more than 25% of homeowners exceeded the affordability threshold.

The New York State Association for Affordable Housing also chimed in on the report. The group said state elected officials play a vital role in building housing middle-income residents’ needs. The group also said that investing in such housing boosts the local economy and benefits communities.

Also, Check Out How You Can Beat A Hudson Valley Foreclosure:

New York Foreclosure Defense

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