Sharp Rise in NY Housing Costs Relative to Income

Housing costs in New York rose sharply relative to income between 2000 and 2012, with more than half of renters and more than a third of homeowners paying at least 30% of their 2012 income for a place to live.

This is according to a report released by State Comptroller Thomas DiNapoli which evaluates New York state housing affordability trends using U.S. Census Bureau data.

The federal government describes affordable housing costs as being below 30% of household income. Statewide, more than 3 million households are at or above the affordability threshold of 30% of household income.

The percentage of households with rents above the affordability level increased from 40.5% in 2000 to 50.6% in 2012, while the percentage of homeowners above the affordability level rose from 26.4% in 2000 to 33.9% in 2012.