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.
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.”
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]