Income lags behind housing costs for New Yorkers

(Credit: DON EMMERT/AFP/Getty Images)
Millions of New Yorkers have trouble affording their housing. Credit: Don Emmert/AFP/Getty Images

Housing costs in New York have risen while incomes have declined, resulting in more New Yorkers unable to afford their homes, according to a new report by state Comptroller Thomas DiNapoli.

As of 2012, more than 3 million renters and homeowners paid 30 percent or more of household income on housing costs, which means they are at or above the affordability threshold as defined by the federal government.

According to census data, housing costs increased by 18.6 percent for renters and 9.9 percent for homeowners from 2000 to 2012. Meanwhile, median household income decreased 7.1 percent for renters and 1.6 percent for homeowners.

Though incomes and housing costs vary in different parts of the state, a significant number of homeowners and renters in both urban and rural areas are facing difficulty paying their housing costs, the report states.

The highest proportion of households that cannot afford rent was in the Bronx, where 57.6 percent of renters paid more than 30 percent of their income on housing. Other areas with high proportions of renters paying that much were Green, Ulster, Rockland, Orange, Putnam, Monroe, Westchester, Suffolk and Nassau counties.

The counties with the lowest percentages of renters paying 30 percent or more of their income for housing were in the upper Hudson Valley, or farther north and west New York county, where high housing costs are offset by comparatively high incomes.

Homeowners also struggled to pay rising costs, the report found. In 2012, the downstate region was home to all 10 counties with the highest proportions of homeowners paying 30 percent or more of income for housing, with Kings, Nassau, Suffolk, Bronx and Queens counties leading the list.

The lack of affordable housing affects the state’s economy, according to the report.

“As increasing numbers of households face housing costs above the affordability threshold, the consequences may include reduced potential for economic growth and troubling impacts on New Yorkers’ quality of life,” the report states.



News
Entertainment
Sports
Lifestyle
National

Mutant worms stay sober, even on alcohol

U.S. researchers have developed "mutant worms" that do not get drunk by alcohol, a breakthrough that could lead to new treatment for people trying to quit drinking

Local

K-9 nose helps capture $150K in cocaine at…

A furry, four-legged security agent helped authorities stop an illegal cocaine shipment from sneaking past JFK customs.

National

Minnesota man asked to leave Southwest flight after…

A man and his two sons were asked to leave a Southwest Airlines flight after the man sent a tweet complaining about being treated rudely by a gate agent.

National

Man sues hospital after surprise penis amputation

An Alabama man who went in to a hospital last month for a circumcision awoke after surgery to find his penis had been amputated, his lawyer said on Thursday.

Movies

Review: Brett Ratner's big 'Hercules' movie is small…

The latest "Hercules," starring Dwayne Johnson as the half-god beefcake of Greek myth, strips its hero and tale of most of its fantastical elements.

Arts

Scientists recreate world's smallest Monet copy

Scientists have reproduced a famous Impressionist painting using nano-printing, to create what has been described as the world's smallest work of art. Reworked at the…

Television

Jerry Seinfeld is ambidextrous, and other Reddit AMA…

See some of the weirder highlights of Jerry Seinfeld's recent Reddit AMA.

Going Out

Grab a pedestrian and start dancing at What…

As a New Yorker, I’ve mastered the art of focusing my gaze straight ahead. Though it occasionally piques my interest, the absurdities that play out…

NFL

2014 NFL Fantasy Football Top 100 overall player…

2014 NFL Fantasy Football Top 100 overall player rankings

U.S. Soccer

NYCFC announce signing of Frank Lampard

The tease of a big signing Thursday by new MLS side NYCFC ended up being one rumored for weeks. England midfielder Frank Lampard agreed to…

NBA

NBA great LeBron James sends 800 cupcake apologies…

By Kim PalmerCLEVELAND (Reuters) - NBA star LeBron James, whose recent return to the Cleveland Cavaliers in his home state of Ohio sparked a frenzy…

NFL

Jerry Reese confident with Giants, skipping countdown clocks…

Last year, Giants GM Jerry Reese installed a countdown clock in the locker room to inspire Big Blue to play in their own stadium for Super Bowl XLVIII.

Tech

Forget Wi-Fi: Li-Fi could be the future

Li-Fi technology – developed by Mexican company Sisoft – is wireless internet connectivity using specialized LED light.

Tech

Weather app Climendo might be the most accurate…

The wait for a truly accurate weather forecast could finally be over thanks to a nifty new app called Climendo.

Tech

Napkin Table puts focus off the phone and…

Michael Jan, a design student at Tunghai University in Taiwan, has invented a serviette-picnic blanket hybrid called the Napkin Table.

Style

Essie's new Color Boutique

Essie launches high-tech kiosks at major airports and malls across the country.