New Study Reveals Shocking Cost of Living in the Hudson Valley
NEW YORK, Sept. 20, 2016 /PRNewswire-USNewswire/ -- With Hudson Valley residents continuing to buckle under the weight of one of the highest costs of living in the nation, Reclaim New York (Reclaim) today released a new study that gives area residents the most sobering look yet at the region's impact on the financial future of every resident.
Reclaim's Hudson Valley Affordability Crisis report shows that across virtually all income levels, residents in Westchester, Rockland, Putnam, Orange and Dutchess Counties are struggling to save for the future and achieve financial stability. The report, for the first time in the region, details the cost of government for residents down to the zip-code level.
"The cost of government is driving up the cost of living for Lower Hudson Valley residents causing a widespread savings crisis," said Reclaim New York Executive Director Brandon Muir. "The affordability crisis impacts everything we do from deciding when to start a family, to growing a business, to buying a home. This new study helps people understand the problem in greater detail than ever before, empowering them to demand more efficient, more affordable government."
Reclaim calculates the real "Wake-Up Cost" for residents in the Lower Hudson Valley by combining income, property, sales and excise taxes with basic living expenses. Reclaim's model analyzes multiple income levels along with data from a wide range of primary sources to give people a more complete picture of where their money is going.
"From the nickel-and-diming of the MTA tax, to property taxes that are more than four times the national average, people living in the Hudson Valley are barely above water after paying for the basics," Muir stated.
Key Findings Include:
- A family in Tarrytown, only has 6 percent of their $78,227 local median annual income left for credit card debt, or childcare, after taxes and basic expenses
- Even at double the median income, a family in Spring Valley, Rockland County, only has 10 percent to try and save or pay other expenses. A similar family in Fishkill, in Dutchess County, is left with just 6 percent.
- Recent college graduates in the Jefferson Valley area are left with just 4 percent of their income after taxes and basic living expenses, and before credit card and student loan debt.
- Retirement at age 65 is out of reach for many income groups. A couple earning the median household income in Pound Ridge has to save an estimated $329,991 just to pay property tax bills between retirement and age 85.
- In the cases analyzed, income taxes cost residents as much as 40 percent of income, while property taxes can cost as high as 25 percent of a resident's earnings. Transportation expenses cost 10 to 22 percent of income.
Reclaim New York is a non-partisan, non-profit 501(c)3 organization that empowers citizens, through education and civic engagement, to make New York a better place to live, work, and raise a family. For more visit ReclaimNewYork.org.
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SOURCE Reclaim New York
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