New Yorkers in these counties say They’re struggling to afford daily life
Living in New York’s scenic Hudson Valley may look idyllic—but behind the beauty, thousands of residents are barely scraping by. A revealing new study exposes just how deep the financial strain runs, with most households living paycheck to paycheck and struggling to keep up with soaring living costs.
A recent study conducted by the Siena College Research Institute in partnership with the Benjamin Center at SUNY New Paltz has revealed a troubling economic reality for residents of the Hudson Valley and Upstate New York. Surveying over 1,500 individuals across Dutchess, Orange, Sullivan, and Ulster counties, the research uncovered that a growing number of households are struggling to stay afloat financially. The findings highlight a regional affordability crisis that is affecting families' ability to save, spend, and plan for the future.
The study identified widespread financial stress, with six in 10 households living paycheck to paycheck and 63% stating their communities are unaffordable. This paints a clear picture of economic vulnerability, particularly as everyday costs continue to climb. Inflation and stagnant wages are eroding purchasing power and putting pressure on household budgets. Residents are finding it increasingly difficult to balance the cost of living with limited income growth.
Rising inflation and housing costs push 6 in 10 New Yorkers to live Paycheck to Paycheck, new study finds
A majority of those surveyed pointed to recent inflation and price increases as the source of their financial hardship. Specifically, four out of five respondents cited struggles related to rising costs of essentials such as food, fuel, and housing. The economic ripple effect has left many without a financial cushion, vulnerable to even minor disruptions. This situation is amplified by the ongoing housing crisis, which further limits economic mobility.
The study includes a set of key statistics that illustrate the depth of this economic challenge:
- 6 in 10 households are living paycheck to paycheck
- 63% say their communities are not affordable
- 4 out of 5 reported financial hardships from recent inflation and rising prices
- 79% are stressed that the cost of living is rising faster than household income
- 78% cited financial hardship due to inflation and rising costs
- 51% say they couldn't cover monthly bills if they lost their main source of income
- High housing costs are limiting their ability to spend or save
- Most rely on Social Security as a key part of retirement planning
Heavy reliance on Social Security highlights financial insecurity among New Yorkers, study warns Policymakers
The reliance on Social Security as a retirement strategy further illustrates the lack of long-term financial resources. Without adequate savings or pensions, many are counting on government benefits to sustain them later in life. The study’s findings serve as a wake-up call to policymakers and community leaders to take meaningful action in addressing housing affordability, wage stagnation, and inflation impacts.
As the Hudson Valley and Upstate New York continue to develop, this study makes clear that economic growth must be inclusive and targeted toward relieving financial pressure on working-class families. Addressing these disparities is not only vital for individual well-being but also essential for building resilient, equitable communities.
