Housing fulfills the basic human need for shelter and is a strong measure of a community's cost of living, relative wealth and general prosperity. In this section, we highlight the trends for 3 indicators: 1) homeownership rates; 2) housing affordability for homeowners; and 3) housing affordability for renters.
In all cases, comparisons to state statistics reflect the state excluding New York City.
Between 2000 and 2010-14, homeownership has increased in all three regional counties. At the same time, housing has become less affordable for both homeowners and renters. Between 2005 and 2014, homelessness increased in the Mid-Hudson Valley.
Homeownership rates have increased across the region.
The region has experienced a slight uptick in homeownership rates, rising from 68% in 2000 to 70% in 2010-14. Rates were up slightly in each of the region’s counties, up to 69% in Dutchess and 70% in both Ulster and Orange, compared to 70% for the state and 64% for the nation.
The region experienced an increase in the rate of homelessness since 2005, contrary to state and national trends.
In 2014, there were 13.7 homeless persons per 10,000 residents in the region. Among the counties, homeless rates were 11.2 in Orange, 13.6 in Dutchess and 18.9 in Ulster. The region’s rate of homelessness increased by 6% between 2005 and 2014 compared to a 4% decline in the state rate and a 30% decline in the nation.
Homeownership has become less unaffordable throughout the region.
Housing was considered unaffordable for homeowners in the Mid-Hudson Valley region in 2009-13. Affordability ratios (median home value divided by household income) ranged from a low of 3.1 in Orange County to a high of 3.2 in Ulster and Dutchess County, all above the 3.0 considered affordable as well as the ratio for the nation (2.6).
Rental housing has become less affordable between 2000 and 2010–14, similar to state and national trends.
Rental housing in the Mid-Hudson Valley region was also above the federal affordability guideline that housing should cost no more than 30% of household income. In 2010-14, renters in Dutchess spent 34% of their income on rent below both Orange and Ulster (both 38%) renters, but above the 33% spent in the nation. These proportions were up from 2000, 11 points in Orange, and 7 points in Dutchess and 9 points in Ulster.