Cost of Homeownership

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Cost of Homeownership

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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.

Cost of Homeownership
NYS (excluding NYC)
Columbia Cities
Hudson city, Columbia County3.
Columbia Towns
Ancram town, Columbia County2.
Austerlitz town, Columbia County3.
Canaan town, Columbia County3.
Chatham town, Columbia County2.
Claverack town, Columbia County2.
Clermont town, Columbia County2.
Copake town, Columbia County2.
Gallatin town, Columbia County2.
Germantown town, Columbia County3.*
Ghent town, Columbia County2.
Greenport town, Columbia County2.
Hillsdale town, Columbia County3.65.1*3.93.7*
Kinderhook town, Columbia County2.
Livingston town, Columbia County2.
New Lebanon town, Columbia County2.63.6*4.13.0
Stockport town, Columbia County2.
Stuyvesant town, Columbia County2.
Taghkanic town, Columbia County3.
Columbia Villages
Chatham village, Columbia County2.
Kinderhook village, Columbia County2.
Philmont village, Columbia County2.
Valatie village, Columbia County2.
Dutchess Cities
Beacon city, Dutchess County2.
Poughkeepsie city, Dutchess County3.
Dutchess Towns
Amenia town, Dutchess County3.
Beekman town, Dutchess County2.
Clinton town, Dutchess County2.
Dover town, Dutchess County2.
East Fishkill town, Dutchess County2.
Fishkill town, Dutchess County2.
Hyde Park town, Dutchess County2.
La Grange town, Dutchess County2.
Milan town, Dutchess County2.
North East town, Dutchess County3.
Pawling town, Dutchess County2.
Pine Plains town, Dutchess County2.
Pleasant Valley town, Dutchess County2.
Poughkeepsie town, Dutchess County2.
Red Hook town, Dutchess County3.
Rhinebeck town, Dutchess County3.
Stanford town, Dutchess County3.
Union Vale town, Dutchess County2.
Wappinger town, Dutchess County2.
Washington town, Dutchess County3.
Dutchess Villages
Fishkill village, Dutchess County3.**
Millbrook village, Dutchess County4.
Millerton village, Dutchess County3.
Pawling village, Dutchess County3.
Red Hook village, Dutchess County3.
Rhinebeck village, Dutchess County4.
Tivoli village, Dutchess County3.*
Wappingers Falls village, Dutchess County3.
Greene Towns
Ashland town, Greene County2.64.6*4.63.1
Athens town, Greene County2.
Cairo town, Greene County2.
Catskill town, Greene County2.
Coxsackie town, Greene County2.
Durham town, Greene County2.73.4*3.63.3
Greenville town, Greene County2.
Halcott town, Greene County3.43.0***3.22.5*
Hunter town, Greene County2.96.74.4**4.2*
Jewett town, Greene County2.
Lexington town, Greene County3.05.14.4*2.4
New Baltimore town, Greene County2.
Prattsville town, Greene County2.63.8**3.43.5***
Windham town, Greene County3.
Greene Villages
Athens village, Greene County2.
Catskill village, Greene County2.
Coxsackie village, Greene County2.
Hunter village, Greene County3.36.6*6.9**N/A*
Tannersville village, Greene County3.78.33.6*4.0**
Orange Cities
Middletown city, Orange County2.
Newburgh city, Orange County3.
Port Jervis city, Orange County2.
Orange Towns
Blooming Grove town, Orange County2.
Chester town, Orange County2.
Cornwall town, Orange County2.
Crawford town, Orange County2.
Deerpark town, Orange County2.
Goshen town, Orange County2.
Greenville town, Orange County2.
Hamptonburgh town, Orange County2.
Highlands town, Orange County2.
Minisink town, Orange County2.
Monroe town, Orange County3.
Montgomery town, Orange County2.
Mount Hope town, Orange County2.
New Windsor town, Orange County2.
Newburgh town, Orange County2.
Tuxedo town, Orange County3.
Wallkill town, Orange County2.
Warwick town, Orange County2.
Wawayanda town, Orange County2.
Woodbury town, Orange County2.
Orange Villages
Chester village, Orange County2.
Cornwall-on-Hudson village, Orange County2.
Florida village, Orange County2.
Goshen village, Orange County3.
Greenwood Lake village, Orange County2.
Harriman village, Orange County2.
Highland Falls village, Orange County3.
Kiryas Joel village, Orange County10.516.613.714.2
Maybrook village, Orange County1.
Monroe village, Orange County2.
Montgomery village, Orange County2.
Otisville village, Orange County2.*
South Blooming Grove village, Orange County3.53.24.4
Tuxedo Park village, Orange County7.87.7***8.48.0***
Unionville village, Orange County2.*
Walden village, Orange County2.
Warwick village, Orange County3.
Washingtonville village, Orange County2.
Woodbury village, Orange County3.32.52.7
Putnam Towns
Carmel town, Putnam County3.
Kent town, Putnam County2.
Patterson town, Putnam County2.
Philipstown town, Putnam County3.
Putnam Valley town, Putnam County2.
Southeast town, Putnam County3.
Putnam Villages
Brewster village, Putnam County4.
Cold Spring village, Putnam County3.
Nelsonville village, Putnam County3.
Sullivan Towns
Bethel town, Sullivan County2.53.8*3.22.8*
Callicoon town, Sullivan County2.
Cochecton town, Sullivan County2.
Delaware town, Sullivan County2.43.42.9*2.4
Fallsburg town, Sullivan County2.
Forestburgh town, Sullivan County2.43.0*2.62.0
Fremont town, Sullivan County2.*
Highland town, Sullivan County2.
Liberty town, Sullivan County2.
Lumberland town, Sullivan County2.
Mamakating town, Sullivan County2.
Neversink town, Sullivan County2.
Rockland town, Sullivan County2.53.3*2.92.8**
Thompson town, Sullivan County2.
Tusten town, Sullivan County2.
Sullivan Villages
Bloomingburg village, Sullivan County2.75.1***6.36.8***
Jeffersonville village, Sullivan County2.42.9*2.92.3**
Liberty village, Sullivan County2.
Monticello village, Sullivan County3.33.93.1*3.1*
Woodridge village, Sullivan County3.65.4**2.9*3.2*
Wurtsboro village, Sullivan County2.
Ulster Cities
Kingston city, Ulster County2.
Ulster Towns
Denning town, Ulster County2.*
Esopus town, Ulster County2.
Gardiner town, Ulster County2.
Hardenburgh town, Ulster County2.64.7***5.5**3.7***
Hurley town, Ulster County2.
Kingston town, Ulster County2.
Lloyd town, Ulster County2.
Marbletown town, Ulster County3.
Marlborough town, Ulster County2.
New Paltz town, Ulster County3.
Olive town, Ulster County2.
Plattekill town, Ulster County2.
Rochester town, Ulster County2.
Rosendale town, Ulster County2.
Saugerties town, Ulster County2.
Shandaken town, Ulster County2.
Shawangunk town, Ulster County2.
Ulster town, Ulster County2.
Wawarsing town, Ulster County2.
Woodstock town, Ulster County3.
Ulster Villages
Ellenville village, Ulster County3.
New Paltz village, Ulster County5.
Saugerties village, Ulster County2.*

Source: U.S. Census Bureau
Notes: Ratio of median home value to median household income. Multiyear results are from rolling American Community Survey. * Margin of error between 20% & 35% of estimate; ** margin of error between 35% & 50%; *** margin of error greater than 50%.

Children Living in Poverty Increasing
Children Living in Poverty, by Race/Ethnicity Not Applicable
Single-Parent Families Increasing
Single-Parent Families, by Race/Ethnicity Not Applicable
Rate of Child Abuse and Neglect Decreasing
Rate of Foster Care Admissions Decreasing
Teen Pregnancy Decreasing
Voter Registration Rate Increasing
Voter Participation Rate Decreasing
Total Population Increasing
Population by Age Not Applicable
Population by Race/Ethnicity Not Applicable
Household Types Not Applicable
Change in Total Jobs Increasing
Foreign-Born Population Increasing
Employment by Sector Not Applicable
Spending for County Government Increasing
Tourism Revenue Increasing
Preschoolers Receiving Special Education Services Increasing
Prekindergarten Participation Decreasing
Students Receiving Special Education Services Increasing
Per-Student Spending Increasing
Student Performance on Grade 4 English, by Economic Background Not Applicable
Student Performance on Grade 4 English, by Race/Ethnicity Not Applicable
Student Performance on Grade 4 Math, by Economic Background Not Applicable
Student Performance on Grade 4 Math, by Race/Ethnicity Not Applicable
High School Cohort Graduation Rate Increasing
High School Cohort Dropout Rate Decreasing
High School GED Rate Decreasing
Education Levels of Adults Not Applicable
Education Levels of Adults, by Race/Ethnicity Not Applicable
Median Household Income Maintaining
Median Household Income, by Race/Ethnicity Not Applicable
People Living in Poverty Increasing
People Living in Poverty, by Race/Ethnicity Not Applicable
Seniors Living in Poverty Maintaining
Veterans Living in Poverty Decreasing
Children Receiving Subsidized Child Care Decreasing
Students Eligible for Free/Reduced Price Lunch Increasing
Earned Income Tax Credit Participation Decreasing
People Without Health Insurance Decreasing
Deaths from Drug Overdoses Increasing
Early Prenatal Care, by Mother's Race/Ethnicity Not Applicable
Living Wage Rate by Household Type Not Applicable
Income in Relation to Poverty Level Not Applicable
Babies with Low Birth Weights Increasing
People Living wth HIV Increasing
Mental Health Clinic Visits Decreasing
Homeownership Rates Increasing
Homeless Persons Decreasing
Cost of Homeownership Maintaining
Cost of Renting Not Applicable
Violent Crimes Decreasing
Domestic Violence Decreasing
Arrest Rates, by Race/Ethnicity Not Applicable