RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

NEW YORK

AFFORDABILITY CRISIS
REPORT

Lower Hudson Valley Edition

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RECLAIM
NEW YORK
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RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

ACKNOWLEDGEMENTS
Reclaim New York would like to thank J. Scott Moody, Brandon Muir, Doug Kellogg, Tom
Basile, John Lange, Nickolaus Anzalone, Angelica Irizarry, Rios Lopez, Candice DiLavore,
Sarah Jones, and scholars at the US Census Bureau, the Tax Foundation, the Heritage
Foundation, the Manhattan Institute, the Empire Center, the Office of the New York State
Comptroller, and the Institute of Economic Affairs for their contributions and feedback on
this report.
Additionally, the following resources were helpful in the drafting of this report: quickfacts.
census.gov, factfinder.census.gov, calculator.net, experian.com, myFICO.com, osc.
state.ny.us, seethroughny.net, bls.gov, nyserda.ny.gov, nyc.gov, ehealthinsurance.com,
verizonwiresless.com, digitaltrends.com, optimum.com, gasbuddy.com, eia.gov, ttb.gov, tax.
ny.gov, discus.org, ticas.org, and the Kaiser Foundation.

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

INTRODUCTION
New York: the words once rang with promise. Come here to
make your fortune, start a business, and build a family and a life.
That promise has disintegrated under
the weight of layers of government and
bureaucracy and their impact on every aspect
of daily life. New Yorkers are struggling every
day to keep their heads above the economic
waterline. Theyre dragged down by high taxes,
poor job climate, and politicians that feed a
government mired in failed policy and too
often corruption.

to amass just the down payment on a home.

Also, when the state hits homeowners with the
highest effective property tax rate in the nation,
at a total of $26 billion. With this innovative
and comprehensive report, Reclaim New York
shines a light on what the Affordability Crisis
means for all New Yorkers.
Reclaim New York has calculated the WakeUp Costs for various localities and income
levels by combining the total tax burden with
essential living costs to examine how much
or how little of your income remains after
taxes and basic expenses. In short, how much
do you pay just to wake-up here? For many
New Yorkers, their leftover income can be as
low as two-percent. Some are underwater.
Most are struggling to save for the future.

Put simply, all this drag has New Yorkers

caught in an Affordability Crisis. It affects
people upstate and down, in settings urban,
suburban, and rural. Its the product of a
punishing personal tax regime, and the bad
regulatory policies that drive up the cost of
basic necessities from groceries to gas to
electricity and its driving New Yorkers away
in droves.

The purpose of this report is twofold: to

inform, and to arm citizens with the information
necessary to improve the states conditions.
Reclaims breakthrough modeling techniques
provide clear, easy-to-understand data points.
The results presented should outrage anyone
concerned about the future of New York and
its citizens.

At least 1.8 million people

have left since 2000 for
states with friendlier
economic climates and
clearer visions for the future
more than any other state
in the nation.

We deserve better.
We have to demand better.
Lets Reclaim New York.

This crisis hits nearly every income level,

making it extraordinarily difficult to save.
When the high cost of living means you
struggle to save for your future, theres no
reason to stay, especially when it takes more
than a decade for an average-earning family

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

WHATS YOUR WAKE-UP COST?

Total Tax Burden (TTB) + Basic Living Expenses = Wake-Up Costs
Total Tax Burden = Income Tax + Property Tax + Sales Tax + Excise Tax
Basic Living Expenses. The following
sections explain each of these in greater detail,
including which portions consume the greatest
chunks of income.

To analyze how affordability challenges affect

the daily lives of New Yorkers, we asked a
simple question: What does it cost to wake up
each morning? After paying your taxes and
paying for basic living expenses, how much
money do you actually have left to save for your
future?

The chart below itemizes Wake-Up Costs for

a family of four earning the Median Household
Income of $78,227 in the Village of Tarrytown,
The stark Whats Left figure speaks volumes.
This family has too little savings to tackle
additional expenses from childcare, or debt, let
alone reliably save for college or retirement. We
examine the tax and expense burdens that
create these challenges in the following chart.

Before reviewing each countys samples, it is

important to understand the major components
of Wake-Up Costs. That means understanding
Total Tax Burden (TTB), which is the total
amount paid in income, property, sales, and
excise taxes, as well as the breakdown of

Monthly
$6,519

Annually
$78,227

INCOME TAX

$1,050

$12,597

PROPERTY TAX

$661

$7,928

SALES TAX

$212

$2,538

EXCISE TAX

$48

$573

MORTGAGE

$1,493

$17,912

FOOD

$624

$7,494

TRANSPORTATION

$1,206

$14,475

ENERGY

$173

$2,079

WATER

$86

$1,038

HEALTH INSURANCE

$361

$4,329

RENTERS INSURANCE

$0

$0

CELL PHONE

$154

$1,850

TELEPHONE/INTERNET/CABLE

$92

$1,100

$6,159

$73,913

$360

$4,314

MEDIAN INCOME IN TARRYTOWN

Wake-Up Cost Annual Expenditures

Married, Two Dependents (Under 17), Homeowner

TOTAL EXPENDITURES:
WHATS LEFT:
4

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

Whats Left After All Wake-Up Costs in Tarrytown

Median Income - $78,227/Year, Married, Two Dependents

Income Taxes
$12,597 | 16%
Property Taxes
$7,928 | 10%
Sales Taxes
$2,538 | 3%
Excise Taxes
$573 | 1%
Basic Expenses
$50,276 | 64%
Whats Left
$4,314 | 6%

INCOME TAX

PROPERTY TAX

Income taxes account for the largest

share of ones TTB, between 50 to
75-percent of any total tax bill and 20 to
40-percent of all income earned. Not only
do New Yorkers pay federal income tax, but
they also pay state income tax. Residents of
New York City and Yonkers are hit again by
municipal income taxes. These rates translate
to the second-highest income tax burden in
the United States. The Tax Foundation cites
California as the only state in the country
with a higher total income tax burden. Its not
progressive. Its oppressive, and squeezes all
income levels, impacting residents ability to
achieve financial stability. It especially affects
low-income earners.

Property taxes are the second-largest

slice of your TTB. In New York, these are
local taxes levied by the county, city, town,
village, school district, and other special
districts (fire, library, police, etc). The revenue
funds essential functions like public schools,
local police, and municipal offices. But they
also support unfunded mandated spending
levied by the State on local municipalities,
like New Yorks bloated Medicaid program, or
sky-rocketing legacy costs for former state
employees.

Whether youre single and just starting out

or you have a family and a more established
career, the federal and state government can
combine to take one-quarter or more of your
income.

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

SALES TAX

As government becomes increasingly

inefficient, opaque, and less accountable to
voters, we have to ask: are we getting good
value for our money? Reclaims study shows
that the answer to a large extent depends on
where you live. Property taxes, according to the
models, can represent 4 to 25-percent of your
tax bill. If this amount isnt scary enough, most
home owners in the Lower Hudson Valley, who
eventually pay off their home, will essentially
pay for it three times. Over the life of a thirtyyear mortgage, a home owner will pay
for the house once in principal, a second
time in property taxes, and a third time in
interest on the home loan.

The third-largest component of Total Tax

Burden comes from sales taxes. These
hit New Yorkers on a daily basis a few extra
cents on bottled water, a few extra bucks to
park in Manhattan, a bigger-ticket charge on a
tablet bought through Amazon. In New York, a
four-percent state sales tax is combined with a
county tax and in some cases with a special
district tax on goods.
This means roughly half of these dollars go
back to New York State, with the other half
heading to the county. In the Lower Hudson
Valley, all five counties in the region are within
the Metropolitan Commuter Transportation
District. This means residents are taxed an
additional 0.375% for every purchase, whether
or not they use Metro-North, and already pay
hundreds for a monthly rail pass. Sales taxes
in Westchester county are further increased in
the cities of Mount Vernon, New Rochelle, and
White Plains by a 0.375% local sales tax, and
in Yonkers by 0.875%.

Foreclosures and for-sale signs are among the

most visible effects of these steep property
tax rates. These bills hit taxpayers hard, but
the real damage they inflict is much harder to
see. They depress home values. They deter
first-time buyers otherwise capable of affording
a home. Many counties, like Westchester, are
sadly overrun with examples of fixed-income
retirees who have paid for their houses but
cannot afford the property taxes still being
levied on them.

COUNTY SALES TAX RATE

Given that the Lower Hudson Valley has

property taxes that are well above the national
median, some homeowners may feel the
sting even more. Based on a data released
by the Empire Center in 2014 , Westchester
and Rockland counties rank, nationally, in
the top five counties with the highest median
property tax burden. Putnam comes in at a
close eleventh, Orange at twenty-second, and
Dutchess at thirty-sixth. These rankings are out
of nearly 3,000 counties across the nation.

WESTCHESTER

7.375 - 8.875%

ORANGE

8.125%

PUTNAM

8.375%

DUTCHESS

8.375%

ROCKLAND

8.375%

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

BASIC LIVING EXPENSES

New Yorkers, unfortunately, have come to view

this tax as simply the cost of buying lunch
and more broadly of doing business. This study
examines that cost and shows just how much
a few percentage points can mean to your
bottom line.

The Total Tax Burden costs citizens between

30 and 50-percent of their annual income, but
it gets compounded by the high cost of living
New Yorkers face as a result of their high-tax
climate. For instance, your grocery store needs
to comply with an endless maze of New Yorkspecific taxes and regulations. These costs are
eventually passed onto families. Thats why
basic living expenses consume between 40 to
95-percent of your income, and sometimes all
of it. No matter what state you happen to live
in, youll need to pay for transportation,
housing, and 21st century necessities like cell
phone service. But in New York, all these
things cost far more because of overreaching
government.

Reclaims innovative model is powered by

data from the US Census Bureaus annual
nationwide Consumer Expenditure Survey. We
use those numbers to project the consumption
habits of New Yorkers at multiple income levels
across multiple locations. We incorporated this
data into our model and then cross-referenced
it with goods deemed taxable by New York
State government. Butter, cheese, bread, and
other staples are exempt, most others are
taxed.

EXCISE TAXES

Taxes, regulations, and bad policy have driven

up the cost of everything in New York.
New Yorkers and business owners pay
two-hundred different types of taxes and
are subject to more than two-thousand
regulations that drive up the cost of living
and business. Government may try to justify
these policies as protecting consumers,
workers, or the environment. Yet, many turn
out to protect the financial interests of
government first and foremost.

Excise Taxes have a unique and

disproportionately burdensome effect
on its citizens. Excise taxes are a hidden
cost, passed on to the consumer. They dont
appear on any receipt; most consumers dont
even know they exist. Unfortunately, both the
federal and state government make sure they
do more than just exist.
Their reach is broad: in New York, they add to
the cost of everything from fishing equipment
to airline flights to gasoline. Going to the ball
game? Be prepared to pay the Stadium Tax,
the Soda Tax, a Beer Tax and parking taxes
to name a few. The list goes on all in the
name of feeding New Yorks already bloated
government.

This far weve used a family in Tarrytown as an

example of the impact of the Affordability
Crisis. In the following sections we will show
how New Yorks high-tax climate affects
families across the Lower Hudson Valley.

Take gasoline: on average, excise tax

accounts for 17-percent of your total fuel
bill, helping make New York the secondmost expensive state in the nation to fill
up your car.

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

LOWER HUDSON VALLEY

Whats Left After All Wake-Up Costs in Mount Vernon

Income Taxes
$2,631

The Lower Hudson Valley consists of

Dutchess, Orange, Putnam, Rockland, and
Westchester counties. In the following sections,
we have outlined two localities per county
to emphasize how New Yorks tax structure
and cost of living affects all income levels
and communities, regardless of size. For each
community, we calculated the Wake-Up Costs
for the Median Household Income (MHI) of
a family of four. For some localities, there is an
additional sample demonstrating what a single
college graduate earning the national average
starting salary is projected to pay.

82%

Property Taxes
$3,434

1%
4%
8%

Sales Taxes
$1,710

6%

Excise Taxes
$292

-2%

Median Family Income

$40,492 annually

Basic Expenses
$33,400

Married, 2 Dependents, Renter

Whats Left
$-975
Whats Left After All Wake-Up Costs in Mount Vernon

Income Taxes
$11,555

WESTCHESTER COUNTY

Property Taxes
$4,131

Westchester County is home to an estimated

976,396 people, and has a county-wide
MHI of $93,422. Despite having some of the
wealthiest zip codes in the nation, Reclaims
findings show that New Yorks Affordability
Crisis affects households across the incomespectrum. Although prices are generally high
across all categories, property taxes and
transportation costs are particularly crushing.
To exemplify this, we studied the City of Mount
Vernon and the Hamlet of Pound Ridge.

Sales Taxes
$1,147
Excise Taxes
$228
Basic Expenses
$27,021

2%
1%

8%

24%

54%

9%

Recent Graduate Income

$48,707 annually
Single, No Dependents, Renter

Whats Left
$4,626

A recent college graduate earning $48,707

and renting an apartment in Mount Vernon
will pay $44,081 in Wake-Up Costs. That
leaves them with a total of $4,626 which
is 9-percent of their income for personal
savings, retirement, and student loans. This
puts them at a significant disadvantage,
especially when considering that in other
similarly populated states, like Texas, the takehome pay is nearly double.

City of Mount Vernon

In the City of Mount Vernon, a family of four
earning the median household income of
$40,492, will lose almost all of their income
to taxation and basic living expenses, or what
we call Wake-Up Costs. Thats $8,067 (thats
nearly 20-percent) in taxes and $33,400 in
basic living expenses. Assuming they make no
significant cuts, this family is projected to be
underwater by $975 each year. Essentially they
are living hand to mouth and will likely resort to
debt, public assistance programs (if eligible), or
drastic cuts to their standard of living.

Given that the average student debt for

graduates of four-year colleges in New York
State is approximately $27,822, according to
data from the Institute of College Achievement
and Success, this is particularly concerning.
Its no wonder why many millennials are
cohabitating, moving to other states, or
returning to their parents' house.

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

Pound Ridge also exemplifies one of

Westchesters greatest burdens: astonishingly
high property tax rates. Over the course of the
year, this family pays $52,295 on a mortgage
for a home valued at $622,539. On top of this,
they pay an additional $12,532 in property
taxes. In total, thats $64,827 per year, and
$5,402 per month just to put a roof over their
head in Pound Ridge.

Its also important to note, that Mount Vernon

is one of four cities in Westchester that has
an additional local sales tax. Whereas most of
Westchesters residents are taxed 4.00% by
the state, 3.00% by the county, and 0.375%
by the Metropolitan Commuter Transportation
District at a total of 7.375%, Mount Vernon is
taxed at a total 8.375%. This is remarkable
when considering that Mount Vernon has one
of the lowest MHI in the entire Lower Hudson
Valley. Meaning, one of the countys lowest
income communities has one of the highest
sales tax rates. The family of four, therefore,
pays $1,710 in sales tax. That may not seem
like much, but for this sample family it is the
difference between staying afloat and being
underwater.

If this couple ever hoped to retire

and stay in their home, they will need
significant reserves for property taxes
alone. Assuming they retire at 65, and
expect to live in the house for the next
twenty years or so, they will need to save
approximately $329,991. Thats roughly
$15,656 each year, assuming property
taxes increase at 1.7-percent each year.
After decades of paying income taxes,
sales taxes, and other property taxes,
retirees are still forced to pay what
amounts to another mortgage. Are retirees
getting value for what they put into the
system?

Hamlet of Pound Ridge

In the Hamlet of Pound Ridge, the effect of
New Yorks tax environment is just as striking.
For a family of four who own their home in the
Bedford School District and earn the MHI of
$170,278, Wake-Up Costs amount to
$157,365 per year, 33-percent of which are
taxes. This leaves the family with only $12,913
per year (which is 8-percent of their income),
or $1,067 per month, including saving for
retirement, paying credit card debt, and all
other expenses.

Why are Westchesters Wake-Up Costs

So High? Like other counties in the
region, Westchester has unusually high
property taxes. Nationally, Westchester
County has some of the highest average,
and effective, property tax rates in the
United States. Although Westchester has
high-income communities, these rates still
strain families, and especially retirees and
low-income communities.

Whats Left After All Wake-Up Costs in Pound Ridge

Income Taxes
$39,503
Property Taxes
$12,532
Sales Taxes
$4,111
Excise Taxes
$1,036
Basic Expenses
$100,182

7%

2%
1%

Unlike some counties in the region,

Westchesters basic living expenses
are higher than most. For example,
many people commute to New York
City. Not only do they bear the expense
of owning a car, but they also may be
footing the bill for a monthly rail pass.
For example, the sample family in
Tarrytown pays roughly $14,475 per
year in transportation costs, which is
18.5-percent of their income.

23%

59%

8%

Median Family Income

$170,278 annually
Married, 2 Dependents, Owner

Whats Left
$12,913

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NEW YORK AFFORDABILITY CRISIS REPORT

ROCKLAND COUNTY

11-percent of their income. This amount is

quite steep when compare national median
property tax bill of $1,805.

Rockland County is home to an estimated

326,037 residents, and has a MHI of
$85,808. Like Westchester County,
Rocklands transportation costs are particularly
high. A family with one parent that commutes
to New York City will pay $302 per month for
a rail pass on top of car expenses.

Village of Spring Valley

Whats Left After All Wake-Up Costs in Spring Valley
Income Taxes
$8,166

If they decide to commute by car, the financial

burden would be even worse. Crossing the
George Washington Bridge will cost them $15
per day ($375 monthly), and parking will cost
them an average $40 per day ($538 monthly).
Therefore, a commute from Rockland County
to Mid-town Manhattan could cost more than
$10,000 annually.

Property Taxes
$4,306

1% 4%
69%

13%

Sales Taxes
$2,332
Excise Taxes
$450
Basic Expenses
$42,038

7%

6%
Median Family Income
$60,941 annually
Married, 2 Dependents, Renter

Whats Left
$3,649

Hamlet of Stony Point

Whats Left After All Wake-Up Costs in Stony Point
Income Taxes
$17,063
Property Taxes
$10,450
Sales Taxes
$3,913
Excise Taxes
$952
Basic Expenses
$54,525

In the Village of Spring Valley, in the Town of

Ramapo, the MHI is well under the county
average, at $60,941. A family of four, living on
this income, will end the year with just $3,649
after paying $57,292 in Wake-Up Costs.

10%

5%
1%

18%

56%

10%

ORANGE COUNTY
Orange County is home to approximately
377,647 residents, and has a MHI of $70,794.
To demonstrate how the Affordability Crisis
affects all income levels, we have chosen one
locality far above the county MHI and one
below. Both localities are left with less than
ten-percent of their income after Wake-Up
Costs.

Median Family Income

$96,168 annually
Married, 2 Dependents, Owner

Whats Left
$9,266

In the Haverstraw-Stony Point School District,

a family of four earning the MHI of $96,168
spends $32,378 on taxes, and 83-percent of
their annual income in total Wake-Up Costs.
They end the year with $9,266 and only
$772 each month. Stony Points property tax
rate is 4.177-percent. At the MHI, the familys
home value is estimated to be $250,173. In
property taxes alone, theyll pay $10,450, or

Hamlet of Campbell Hall

The MHI in Campbell Hall is about $30,000
higher than the county average. At an income
of $103,750, they spend approximately
$94,562 in Wake-Up Costs. Thats 91-percent
of their income, one-third of which goes to the
government.

10

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NEW YORK AFFORDABILITY CRISIS REPORT

The story isnt much different in the lowerincome area of Middletown. The median
income here is $58,803, and at this income,
the family likely rents. In taxes, they would spend
$13,953 in taxes and $38,811 in basic
expenses at a total of $52,912. That means
a quarter of their income is going to the
government, and 66-percent goes to basic living
expenses. That leaves them with $6,039 per
year, which is $503 per month. At these rates, it
will take them years before theyve saved
enough to purchase a house or achieve other life
goals.

Whats Left After All Wake-Up Costs in Campbell Hall

Income Taxes
$19,213
Property Taxes
$9,445
Sales Taxes
$3,680
Excise Taxes
$808
Basic Expenses
$61,417

9%
19%

1% 4%

9%

59%
Median Family Income
$103,750 annually

Married, 2 Dependents, Owner

Whats Left
$9,188

PUTNAM COUNTY
With approximately $9,000 left to cover all
other expenses, save, and prepare, this family
is financially unstable. Saving for retirement or
a childs college tuition? Paying off student
loan debt? Trying to put together the down
payment for a first home? In this tax climate,
these milestones are likely outside of their
financial reach.

Putnam is the least populated county in the

Lower Hudson Valley at 99,042, and also has
one of the highest county MHIs of $96,262.
Despite this, the amount leftover does not
improve.

Village of Cold Spring

Whats Left After All Wake-Up Costs in Cold Spring

City of Middletown

Income Taxes
$14,450
Property Taxes
$7,336

Whats Left After All Wake-Up Costs in Middletown

Income Taxes
$7,547
Property Taxes
$3,403
Sales Taxes
$2,472
Excise Taxes
$531
Basic Expenses
$38,811

1% 4%
66%

Sales Taxes
$2,741

6%

Excise Taxes
$579

13%

Basic Expenses
$50,872

10%

9%
1% 3%
60%

17%
11%

Median Family Income

$84,966 annually
Married, 2 Dependents, Owner

Whats Left
$8,990

Median Family Income

$58,803 annually
Married, 2 Dependents, Renter

Whats Left
$6,039

In the Village of Cold Spring, in the Town of

Philipstown, the MHI is $84,966. With this
income a family of four who owns their home,
pays $75,976 in Wake-Up Costs which is
89-percent of their income annually. This
leaves them with just $8,990 leftover, or only
$749 per month.

11

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NEW YORK AFFORDABILITY CRISIS REPORT

Hamlet of Mahopac

Whats Left After All Wake-Up Costs in Poughkeepsie

A family of four who owns their home and

earns the MHI of $108,082 in the Mahopac
School District, in the Hamlet of Mahopac, in
the Town of Carmel, has a Wake-Up Cost of
$95,455 each year. Thats $35,062 just in
taxes. With $12,627 left annually, this family
seems to be better off than most sample
families. However, one might ask whether or
not residents are getting value for nearly onethird of their income they send to the state and
county government.

Income Taxes
$2,823

81%

Property Taxes
$1,545

1%
5%
4%

Sales Taxes
$2,258
Excise Taxes
$464
Basic Expenses
$33,424

7%

2%

Median Family Income

$41,331 annually
Married, 2 Dependents, Renter

Whats Left
$818

Whats Left After All Wake-Up Costs in Mahopac

Income Taxes
$20,016
Property Taxes
$10,964
Sales Taxes
$3,343
Excise Taxes
$738
Basic Expenses
$60,393

Hamlet of LaGrangeville
10%

3%
1%
56%

The states poor tax climate doesnt just affect

low-income communities. A family of four who
owns their home in the Arlington School
District, in the Hamlet of LaGrangeville, in the
Town La Grange will pay $31,775 in taxes
at a median income of $100,285. Their total
Wake-Up Costs will amount to $93,183, which
is 93-percent of their income. This leaves them
with $7,102 per year, or $592 per month. With
7-percent leftover, even a family in a higherincome community struggles to save, invest,
or come up with the funds for leisure activities,
like a vacation.

19%

12%

Median Family Income

$108,082 annually
Married, 2 Dependents, Owner

Whats Left
$12,627

DUTCHESS COUNTY

Whats Left After All Wake-Up Costs in La Grangeville

Dutchess County has 292,754 residents and

a MHI of $72,471. Although its property tax
rates are not as infamous as the rest of the
region, Dutchess families still struggle to meet
their financial goals. In the following sections,
we explore Wake-Up Costs between two
different income levels and communities.

Income Taxes
$18,167
Property Taxes
$9,391
Sales Taxes
$3,431
Excise Taxes
$786

City of Poughkeepsie

Basic Expenses
$61,407

Poughkeepsie is a small city with one of

the Lower Hudson Valleys lowest MHIs of
$41,331. A family of four on this income will
spend $40,513 in Wake-Up Costs. This leaves
the family with $818, or 2-percent of income
left for all other expenses. Imagine how much
even a small tax decrease would help them.

Whats Left
$7,102

12

3%
1%
61%

9%
18%
7%

Median Family Income

$100,285 annually
Married, 2 Dependents, Owner

RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

CONCLUSION
It does not matter whether you rent or own your home; what income bracket you fall in;
whether you live in an urban, suburban, or rural area; are single or married; a Baby Boomer or
Millennial, there is an Affordability Crisis in New York State that impacts the financial stability
of virtually everyone. The snapshot Reclaim New York has provided here illustrates how New
Yorkers struggle to save due to the crushing cost of government and its impact on the cost of
living.
Since most New Yorkers pay anywhere from eighty to ninety-percent of their income
in Wake-Up Costs its important for citizens to ask if theyre getting sufficient value for what
they pay into the government. If New Yorkers actually breakdown the amount they pay in
Wake-Up Costs and begin looking at their relationship with government as a consumer
transaction, chances are theyd feel theyre getting a bad deal.
All states require revenue to function. Lively, balanced debate can and must take place about
how much revenue they need, and how they should spend your money. In order for that
debate to produce substantive results, citizens must participate and need to be well-informed.
Given the energy our state and local governments expend on erecting barriers to
transparency, and protecting the status quo of high taxes, it is often hard for consumers to get
a clear picture of the fiscal forces that impact their future.
We created this Affordability Crisis Report to help all New Yorkers who want, and
deserve, a better future to participate in the conversation. Reclaim New York has synthesized
hundreds of studies and data points using a new model to isolate interactions with
government that hinder New Yorkers ability to save.
When we learn how our government crushes our families, keeps youth running in place,
leaves seniors with an uncertain financial future, and stops even those earning double their
local median income from building up real savings; we begin to realize that the game is rigged
against all New Yorkers. We also realize serious change is necessary.
This report is the first step to building a stronger New York for millions who struggle
to live here. We encourage each of you to engage us in a deeper conversation. Reclaim New
York can help you define what the next step is for you and your community. Activation could
be as simple as reaching out to friends and neighbors or attending a town board meeting. The
key is that we understand the issues and work together to move New York forward.
For questions and inquiries regarding this report, please contact:
Info@ReclaimNewYork.org
646-781-7800

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RECLAIM NEW YORK

NEW YORK AFFORDABILITY CRISIS REPORT

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