NYS Comptroller Office Issues Housing Affordability Report

In a report issued on March 10th, the New York State Comptroller Office found that 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.

The report entitled “Housing Affordability in New York State” 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. Renters at most subsidized Section 202 housing pay 30 percent of their income for rent – the national standard for rental affordability. Statewide, more than 3 million households are at or above the affordability threshold of 30 percent of household income. 

The report comes at a time when the federal government has eliminated funding for Section 202 housing construction for the third year in a row.

According to the report: "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."

The report also found that "many New Yorkers are feeling pressure from a combination of stagnant or declining real income, as well as increasing housing costs. A combination of factors including comparatively slow economic growth over time, a rising property tax burden, and limited housing supply in many areas of the state contribute to the increasing challenge New Yorkers face in finding affordable housing."

Contact: Ken Harris, kharris@leadingageny.org, 518-867-8835