Housing Costs On The Rise

Housing Costs

      If you're a homeowner or rent in New York, you may have been feeling the brunt of steadily rising housing costs over the last decade or so.
     According to New York Comptroller Thomas DiNapoli, housing costs have risen exponentially from the 2000 to 2012.
     It's gone up over 18-and-a half percent for renters and nearly 10% for homeowners during the 12 year period. Meanwhile, the median household income for homeowners has decreased by 1.6%. It has dropped even further for renters to over 7%.
     Chemung County Executive who thinks those figures are a reflection of New York State's less than stellar private sector jobs market and high taxes.
     He says, "New York State had a huge private sector manufacturing base and a lot of that base has been eroded. Those are the kinds of jobs that pay the kind of money that people can buy homes, that can deal with the cost of living."
     According to the report, an estimated 16.4% of homeowners in Chemung County are paying above the affordability threshold for their homes, which is set at 30% of household income. Statewide, that number is set at 3million homeowners.