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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.

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