Senior Research Analyst, Nick Vinzant, said that the cost of housing has increased, now up 16% since January 2021. Additionally, their report found that 50% of renters in New York are housing cost burdened.
Housing costs have increased according to a report by QuoteWizard, a subsidiary of Lending Tree, New York has the seventh-highest number of cost-burdened renters in the nation.
“This is something that has really been going on for the last two decades,” said Vinzant.
“If we look back to 2012, what we found is that housing prices have increased 133% since 2012; income has only increased about 30% since 2012,” he added. “And the math there, really just does not add up,” Vinzant concluded.US DOT to get $450M for port upgrades to help supply chain, inflation
30% of their income goes toward rent payments, leaving many feeling the adverse effects of it all.
Katie Rhodes, Communications Coordinator of Chemung and Schuyler County Catholic Charities said they’ve seen an uptake in applications.
“Catholic Charities has seen an increase in people asking for rental assistance, people coming in, calling,” said Rhodes. “We’ve definitely seen an increase in rental assistance,” she added.
And with the sharp spike in rent prices, Vinzant said it is a persistent problem. These U.S. metros saw the highest, lowest inflation in 2021
“Housing prices and rental prices have been outpacing income for a long time,” said Vinzant.
Vinzant said lawmakers and elected officials have to seriously look at zoning laws, as it prevents affordable housing from being built in many places nationwide.
Rsitey Sources: News10