News

DiNapoli: Housing cost pinch worsening

DiNapoli: Housing cost pinch worsening

Photo: WHCU

State Comptroller Thomas DiNapoli says housing costs are becoming unaffordable for millions of New Yorkers amid declining incomes and increasing costs for rent and home ownership.

DiNapoli says Monday that analysis of census data shows median statewide monthly housing costs increased by 18.6 percent for renters and 9.9 percent for homeowners from 2000 to 2012.

During the same time, homeowners’ median household income decreased 1.6 percent and renters’ median household income dropped 7.1 percent.

Affordable housing is defined by the federal government as being below 30 percent of household income.

DiNapoli says more than 3 million households statewide paid at least 30 percent of their 2012 income for a place to live.

Although incomes and housing costs are generally higher in the New York City area, DiNapoli says housing affordability is a statewide issue.

Copyright 2014 The Associated Press. All rights reserved.

Recent Headlines

7 hours ago in Local

Thirty-six new citizens sworn in at Boynton Middle School

Naturalization ceremony

The applicants came from eighteen different countries.

11 hours ago in National

Trump looks to unify Republicans; Kasich reported dropping out

17-overlay

Billionaire Donald Trump assumed the mantle of presumptive Republican presidential nominee on Wednesday with a message on unity that also suggested he was not going to work too hard to placate some party establishment figures angered by his outsider candidacy.

11 hours ago in Local

Attorney General charges Cortland County man who flooded cemetery

Rain1

The man's water discharge project did not have a permit, and desecrated numerous graves.

11 hours ago in Local

ICSD budget will address costs of lead in water situation

Water1

District officials say they've adjusted their plans to pay for consultants and bottled water in schools during the investigation into lead levels.

12 hours ago in Local

Paladino defeats 18-year-old in reelection bid to school board

vote

High school challenger Austin Harig took on Paladino despite the latter's experience, including a run for the governorship.