What does this measure?

The ratio of the median home value divided by the median household income, adjusted for inflation.

Why is this important?

This ratio provides a rough estimate of the affordability of homes in a community. A ratio less than 2 or 3 is considered affordable.

How is the region performing?

In 2017-21, the housing affordability ratio in the region was 3.5, higher than the statewide (excluding NYC) and on par with the national ratios (3.2 and 3.5, respectively). There was only minor variation among the counties of the Mid-Hudson Valley, with Sullivan's ratio at 2.9 as the lowest and Ulster County the highest at 3.6. Homes in the region became notably less affordable from 2000 to 2007-11, with the ratio rising from 3.9 to 4.4. The current lower ratio indicates that housing has become more affordable than it was in 2007-11, but is still far less affordable than it was in 2000. This trend was borne out for each of the counties, as well as for the state and the nation.

Affordability ratios were particularly high in the villages of Kiryas Joel (14.2) and Rhinebeck (6.3), while the local municipalities with the most affordable homes were in the towns of Stockport (2.2) and Forestburgh (2.0) and the villages of Fishkill (2.2), Jeffersonville and Wurtsboro (both at 2.3), and Chester (2.4).

Notes about the data

Multiyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas. CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). The survey provides data on characteristics of the population that used to be collected only during the decennial census. Regional ratios were calculated by weighting county medians based on share of population. Data for this indicator are expected to be released in the fourth quarter.