Housing Affordability for Renters
What does this measure?
The proportion of household income that goes toward monthly rent, utilities, and fuel, calculated by dividing median rent by median household income for renters.
Why is this important?
This figure indicates how affordable housing is for renters. The federal Housing and Urban Development Department guideline for affordability is that rent should consume no more than 30% of household income.
How is the region performing?
For renters in the Mid-Hudson Valley, 36% of income went toward rent in 2010-14, larger than the national figure of 33% and the statewide (excluding NYC) figure of 30%. All three counties in the region had proportions that exceed the federal guideline for affordability, with Dutchess at 34%, and Ulster and Orange at 38%. The percent of household income going to rent rose 6 points from 2000 to 2005-09, and another 3 points from 2005-09 to 2010-14. Rates also rose steadily in each of the counties during those periods.
The localities with the highest proportion of rent to income were in the Town of Monroe at 58%, Newburgh at 53%, and Kiryas Joel at 78%, while the Town of Rochester had the lowest at 22%.
Notes about the data
Multiyear figures are from the Census Bureau's 2009-13 American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas. CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). The survey provides data on characteristics of the population that used to be collected only during the decennial census. Figures used in calculations are in 2011 dollars. Regional rates were calculated by weighting county medians based on share of population. Data for this indicator are expected to be released in the fourth quarter.