New York ranks near bottom in affordability as post-pandemic inflation lingers
A new study finds housing and childcare costs are taking a larger share of paychecks, with lingering effects expected to continue.
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A new study from the nonpartisan Common Sense Institute is taking a closer look at affordability in the wake of the pandemic and finds New York residents are still paying the price of earlier inflation.
The report describes the situation as a post-pandemic inflation hangover and shows New York now ranks 48th in affordability nationwide. Before COVID, in 2019, the state ranked 36th.
Researchers say that although inflation has slowed, the higher cost-of-living baseline created during the surge in prices has not come down, leaving households under continued financial strain. Housing and childcare are cited as two of the biggest necessities now taking a larger portion of paychecks than they did before the pandemic.
“The state of New York actually ranks dead last in terms of its childcare affordability,” the report notes. “And that was a big change, because if you go back to 2019, the state ranked 44th and was only about 18% of income.”
Zachary Milne, the author of the report, says the lingering effects of inflation are likely to persist.
“We're sort of paying the price for that inflation from a few years ago right now,” Milne said. “I do think it's going to continue to be an issue in the next year, maybe two years.”
Those findings are reflected in the experiences of many Long Islanders. Lori Reyes of Levittown says everyday costs feel significantly higher.
“Honestly I feel everything is much more now, we're not sure why,” Reyes said.
For Reyes and others, that means making sacrifices to keep up with rising expenses.
“Just giving up some extra stuff now. No vacations, you just can't because you have to help your family out,” she said.
