Rental Housing: Rising Rents, Declining Incomes

There is an affordability crisis for renters throughout the Mid-Hudson Valley because of rising rents that are a result of limited supply and declining median incomes. Overall, a renter’s household income is much lower than a homeowner’s in every county.

The median household income for renters declined between 2010 and 2017 in five of the seven counties after adjusting for inflation. Greene and Ulster counties show the largest decline at 25.8% and 16.5%, respectively. Putnam and Sullivan show an increase in the renter household income by 14.2% and 12.5%, respectively.