Monday, June 20, 2016

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Hudson Valley housing affordability is becoming further out of reach


HUDSON VALLEY – The gap between what a person makes and what it costs to rent a roof over his or her head is getting wider, according to a study by the National Low Income Housing Coalition.

That means the need for additional federal and state funds to offset the high cost of housing development “has never been more prevalent,” according to Joseph Czajka, senior vice president for research and development at Hudson Valley Pattern for Progress.

The gap keeps widening and that is a significant concern, Czajka said.

“From the out of reach study that was conducted in 2015 as compared to the out of reach conducted in 2016, we see a huge gap in the monthly rents in all the counties ranging from a gap of $1,120 a month in Putnam County down to the lowest, which was Sullivan at $377 a month,” he said.

Czajka said it is actually affordable for people to buy a home, but what holds them back often times is the down payment and closing costs.

 


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