Affordable Housing: Out of Reach for Many
If you own a home in Essex County, times have probably been good. Since 2000, the median home value has increased 23% to $350,000 If you don’t own a home, it may seem far out of reach. Essex is quite an unaffordable place to live – by both common measures. For homeowners, affordability is assessed the ratio of median home value to median income. Essex County’s ratio is 3.7, when the 2-3 range is considered affordable. For renters, rent is considered affordable if it takes up no more than 30% of income. In Essex County, renters are spending about 36% of their income on rent.