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Hochul says ‘bold action’ needed as 40-60% of renters pay over 30% of household income for housing

  • / Updated:
  • Staff Report 

How much is too much when it comes to rent?

Governor Kathy Hochul is promising bold action when it comes to housing in 2023. This after a graphic released by her team on December 1st shows that 40-60% of renters are paying more than 30% of their income on rent.

The graphic went region-by-region showcasing how much of the ‘renting population’ paid over 30% of its household income on rent.

Personal finance experts have said for years people should keep their housing costs under 30%. That said, access to affordable housing options – and a lack of new, affordable homes for renters – have combined to make for a difficult situation.

In the Finger Lakes region, 50% of renters are paying over 30% of their household income on rent. In the Southern Tier, that figure is 52%. Central New York saw the lowest figure at 46%, but was still barely under the 50% line.

Finger Lakes Partners (Billboard)

So, what’s the answer? It’s not entirely clear what Hochul plans for ‘bold action’ in 2023 and beyond, but housing advocates say big change is needed.

“With skyrocketing rents & fewer housing options, renters are squeezed today, with little hope of homeowning tomorrow,” Hochul said. “The lack of affordable housing goes against the idea of fairness & that if you work hard, you can live a full life on your own terms — in a home of your own.”



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