DiNapoli: Housing costs rising too quickly for many NY'ers

By MATTHEW L. McKIBBEN

A growing number of New Yorkers are unable to afford increasing housing costs, according to a report released by Comptroller Thomas DiNapoli Monday.

The report defines housing as "affordable" when housing expenses consume less than 30 percent of a household's income. As of 2012, more than half of New York's rental households were above the affordability threshold and more than 30 percent of New York's homeowners were above the affordability threshold, according to DiNapoli's report. The report also found that 1.7 million households lived in rental homes with rents equal to or higher than 30 percent of household income in 2012, an increase of 25.7 percent from 2000.

DiNapoli said one of the factors leading to the decline in housing affordability between 2000 and 2012 was the decrease in inflation adjusted income combined with an increase in housing costs

"Between 2000 and 2012 inflation adjusted median household income declined by 1.6 percent for New York homeowners and even more 7.1 percent declined for renters," DiNapoli said. "At the same time median housing costs for homeowners rose by 9.9 percent rental households by 18.6 percent."


http://www.legislativegazette.com/Articles-Top-Stories-c-2014-03-11-87131.113122-DiNapoli-Housing-costs-rising-too-quickly-for-many-NYers.html