The office of New York State Comptroller Thomas DiNapoli has issued an analysis of housing affordability in the state with affordability being a relative measure that combines both income and costs.

Essentially, housing is considered affordable if it is equal to or less than 30 percent of household income.

For homeowners, that index includes mortgage, interest, utilities, fuel and property taxes.

From 2000 to 2012, the trends for NY state have shown a steady increase in median rent and an overall decline in housing affordability for both renters and homeowners.  Continue reading →