The Challenges of Owning a Home

During the housing boom before the Great Recession, median home values were extraordinarily high, with homes in many Mid-Hudson Valley counties at or near the peak market price. That made homeownership unaffordable for many residents in the study area.

When the housing bubble burst precipitating the Great Recession, prices fell dramatically, as did people’s financial resources, keeping homeownership out of reach. In the last few years, home values have rebounded, though not to pre-recession prices in a majority of the Mid-Hudson Valley. Incomes have also risen and interest rates are still at historic lows. As a result, some counties that were previously unaffordable are now within reach of homebuyers.