Report: Ulster County Rent Up 55%
The Hudson Valley is expensive to live in, but how much have living costs gone up?
Hudson Valley One reports that rent rates are rising in Ulster County. According to the annual housing affordability survey performed by Ulster County in 2017, which is the most recent data, rent in Ulster County has spiked. Since 2002, rent has gone up by 55.8% in Ulster County.
According to Hudson Valley One, this outpaces wage increases. The survey also revealed that over half of Ulster County renters are paying over 30% of their income on housing costs. This means they are "housing cost-burdened." Almost 30% of renters spend over half of their income on housing costs, categorizing them as "severely cost-burdened".
Certain Ulster County cities are trying to take action before it gets worse. Hudson Valley One reports that rent-control legislation is expected to help in Kingston. However, critics of the legislation say it will discourage landlords from maintaining properties because of a lack of profits and think it will distort the market.