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Many households in the Hudson Valley are facing financial difficulties, according to a recent survey by the Siena College Research Institute. Conducted from February 20 through March 19, the survey covered Dutchess, Orange, Sullivan, and Ulster counties. It revealed that six in ten households are living paycheck to paycheck either always or sometimes, and 63% of respondents believe their communities are unaffordable. Additionally, about 80% of those surveyed reported financial hardship due to recent inflation and rising prices.
The survey findings align with broader economic trends in New York. According to Siena College Research Institute, the New York State Index of Consumer Sentiment has fallen, reflecting increased economic pessimism. The index now stands at 69.1, a decrease of nine points from the previous quarter, indicating that many New Yorkers are feeling the financial strain.
The housing market in the Hudson Valley is particularly challenging, as noted by a report from Hudson Valley Pattern for Progress. The report highlights that rising rents and stagnant wages have made it difficult for even middle-class residents to find affordable housing. Adam Bosch, CEO of Pattern for Progress, emphasized that the housing crisis is exacerbating the regional workforce shortage, as more people leave the area in search of affordable living options.
The report also points to gentrification as a significant factor driving up housing costs. New wealth entering the region has increased property values, making it less viable for low- and moderate-income individuals to buy homes. The influx of well-heeled buyers during the pandemic has further intensified the housing crisis, with many middle-class households being priced out of the market.