📈 How much higher can rents in Poughkeepsie increase? According to Zillow, the median rent is $1,850 for rentals located in the zip code 12601 and $2,025 in the zip code 12603. Year over year rents stand about the same when comparing it to this time last year. However, we all know well that rents in the area have exploded over the last 5 years.

According to Nerdwallet, the median rent nationally is $1,957 and the median person must make $79,264 to afford rent within about 30% of gross income. The median household income in the City of Poughkeepsie is $53,875 and $93,196 in the Town of Poughkeepsie according to the US Census.

📈 Housing Demand. One of the major reasons for increased housing and rental costs in Poughkeepsie is led by increased housing demand with reports suggesting less than 5% apartment vacancy rates.

🏘 The Current State of Housing & Future. If changes are not made, it is safe to assume that housing conditions will worsen and the overall share of residents under the age of 35 will decrease leaving the area economically vulnerable. A clear housing strategy is needed along with local officials working with state and federal governments to increase the incomes and economic opportunities for Poughkeepsie residents. Hopefully growing wages faster than inflation and the rising cost of living.

🔍 Exploring Solutions. We’ve learned that there isn’t one quick fix for housing, it’s going to take a multipronged approach. Below are just some areas to start with:

Incentivizing Affordable Housing Development - local municipalities can explore ways to encourage developers to build more affordable units or include a percentage of units designated as affordable in their projects.

Collaboration with the Private Sector - explore public-private partnerships with the private sector to create affordable housing options.

Zoning and Regulatory Reforms - reduce costly regulations that drive up the cost per unit and consider the role of zoning in limiting investment and what can be built.

Addressing housing in Poughkeepsie is critical to the economic vitality of our community for future generations.

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