Hudson Valley Housing Market Increase Hitting A Peak
The housing market increase throughout the Hudson Valley has caused affordability to fluctuate, affecting residents both on and off Marist's campus. Credit: Anaiya Bobo ‘23
The nationwide housing crisis is hitting the Hudson Valley at full force, and its residents — new and old –- are feeling the impact.
The housing market in Dutchess County and surrounding counties in the Hudson Valley have seen a major increase, and fluctuating affordability could pose significant financial stress to its inhabitants. While pricing of homes in the Hudson Valley area have been steadily rising for years, recent reports show costs to be hitting an all-time high.
According to a digital report released by CRBE, the number of New York residents moving to the Hudson Valley and Catskills region increased by over 124% within the first year of the COVID-19 pandemic. In addition to this, the Ulster County comptroller reveals that between 2019 - 2022, the price of houses in the Hudson Valley rose by fifty-six percent with a notable shortage of available homes. Many who have studied the crisis cite a failure to regulate homeowners as a major contributor.
“Our current housing system is set up, not as housing as a human right, but housing as a commodity. We see developers and landlords getting huge tax breaks, being able to rig the system how they want to to line their own pockets. Landlords going unchecked for so long at the frequent expense of other people - it’s disgusting,” said Sarandon Elliot, community organizer for Marist’s For The Many.
This market increase was sparked by a multitude of factors. Housing cost has seen a significant rise since the pandemic, with new access to remote working inspiring city residents to move, or purchase additional homes in smaller New York metros. With its close proximity to New York City, the Hudson Valley is becoming an increasingly desirable site to those looking for the best of both worlds –- easy access to the city and a calm, spacious space to live. Additionally, housing underproduction trends in various counties prior to the pandemic have also contributed to the market increase.
Campus Minister Miriam Eisenmenger, a commuter for work for over 13 years, points out how older industrial towns are starting to become rediscovered in this area, drawing in more people. This is linked to the climb of house and rental prices due to new residents filling in the empty spaces in the Hudson Valley.
“In towns like Poughkeepsie, housing has definitely outpriced the locals, and they are beginning to get pushed into smaller, less preferred areas while upper middle class buyers are moving in,” said Eisenmenger.
While the rise in housing cost has had a major impact on those looking for permanent residence in the Valley, it has also impacted the rent costs of Marist students looking to find temporary housing off-campus.
“The housing market for students to live off-campus is very expensive and if you don’t have any connections, it is a very hard process to get housing,” said Nicholas Jackson ‘25.
“I’m currently paying $1,800 for a two-bedroom apartment in Poughkeepsie, but I know that the same price in New Paltz would get me an apartment with significantly less space,” said Marist Student Activities manager and SUNY New Paltz graduate Parker Alber.
“As a college town, I think the reason a lot of sellers can get away with their pricing is knowing that many students are likely to receive financial support from their families, and so they take the opportunity to charge more,” said Alber.
With the multitude of colleges and universities in the Hudson Valley, spiking costs have also impacted overnight rental costs for family members visiting their children. This has motivated users of the Airbnb industry, in particular, to raise their prices throughout the year.
“A coworker of mine knew of houses charging up to six hundred dollars per night near Vassar. People are making entire business models off of Airbnbs and short-term rentals which is not what that process was intended for,” said Sarandon.
Going forward, the future could be a financial struggle for Hudson Valley residents with costs continuing to rise. As with the nationwide crisis, Elliot believes that solutions will come from rallied organization and a willingness to hold elected officials accountable for their role in its maintenance.
“We need to be putting serious pressure on elected officials in office to pass policies like Good Cause Eviction- a policy that would provide tenant protections to millions of renters in the state,” said Elliot. “If students are angry with the status quo and are concerned about what lies ahead in their futures as tenants they should volunteer and join organizations like For the Many and help us win real change here in the Hudson Valley!”