Rockland’s housing burden rises
- September
- 23
More of Rockland’s homeowners are being stretched to the limit, as the costs of mortgages continue to increase despite declining home values. Last year, 29 percent of Rockland’s residents reported spending 35 percent more of their income on mortgages, an increase of 3 percent over the previous year. At the same time, the median price of a home fell $13,400, according to new data released today by the U.S. Census Bureau. How much is the burden on homeowners and renters? Here’s a glimpse:
Median home values:
2007: $503,100
2006: $516,500
Median monthly mortgage:
2007: $2,556
2006: $2,504
Median rent:
2007: $1,206
2006: $1,170 (43 percent of renters are spending 35 percent or more of their income on rent)
Other details from the 2007 American Community Survey:
Population that is foreign born: 21.3%
Population that speaks Spanish at home: 11.%
Median household income: $81,809
To read more about the housing burden, check out today’s article written by my colleague, Dwight R. Worley: Values fall; mortgages and rents are up .
The Journal News has prepared an interactive database showing the housing burden, along with numerous other statistics, including the percentage of people who speak Spanish, poverty levels, educational levels, etc. The data covers counties and communities with 65,000 or more in population, including Clarkstown and Ramapo. You can also compare Westchester with Bergen County, N.J. and Fairfield County, CT. along with others throughout the state.
You can find that database here: Housing costs: See which NY communities have the highest burdens.
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