The Housing Market in Kingston and Ulster County

It is helpful to understand the larger context in which you will be looking for a place to live. The following statistics show how much it costs to maintain housing in Kingston and Ulster County, the state of the housing market, and the financial means of those living in Kingston and Ulster County. This 2020 document created by Hudson Valley Pattern for Progress can provide further information if you are interested.

The Vacancy Rate:

The 2019 vacancy rate for rental houses and apartments in Ulster County was 3.51%. The rental vacancy rate for non-subsidized housing, meaning housing on the general market, was 1.81% in 2022. This is extremely low. For comparison, the vacancy rate in NYC in 2022 was 4.5%.

• The vacancy rate indicates how many rental units are available at any given time and how competitive the rental market is.

• The rental market in Kingston is currently very competitive. This reflects the conditions of housing in the Hudson Valley in general in which there is a Housing Crisis.

The Average Cost of Rent in Ulster County:

The average rent for a one bedroom is $1,265 as of 2020.

• Between 2016 and 2020, the cost to rent a one bedroom apartment in Ulster County has increased by 24%.

• the cost to rent a two bedroom apartment has increased by 33%.

Affordability in Ulster County:

85% of Ulster County households are considered housing cost burdened, 30% of these are considered to be severely housing cost burdened. This means that 85% of Ulster County residents are spending more than 30% of their income on housing, and 30% of Ulster County residents are spending more than half of their income on housing.

The Median Cost of Rent in Ulster County between 2016 and 2020:
The median rent for a one bedroom apartment has increased by 27%, while the median rent for a two bedroom has increased by 48%.

• At the same time, the vacancy rate has decreased from 2.36%, to 1.81%.

The cost of utilities:

• In 2020 the average cost of annual utilities was around $1,000 for a one bedroom.

Median Per Capita Income of renters in Ulster County:

This describes how much those in the middle of the economic spectrum in Ulster County make each year, as an individual.

The median household income in Ulster County has not changed since 2010, despite inflation, remaining at $35,000 a year for over ten years.

What Does All of This Mean?

This means that the housing market in Kingston and Ulster County is extremely competitive and extremely unaffordable. The cost of housing does not correspond to the typical income of residents living and working in the area.

This is why the Hudson Valley is in a Housing Crisis. There is both too little available housing, and too little affordable, available housing. There are many reasons why this is the case:

• One reason is that the population in the area has grown since the pandemic due to the increase in remote work and people relocating from New York City.

• Another reason is that the new construction in the area is generating higher-end housing, which does not increase the availability of affordable housing, and increases home and property values nearby, causing market prices to increase, and the housing market to become more unaffordable.

• Another reason is an older housing stock, this means that the kinds of houses in the housing market are built to reflect previous population sizes and ways of life: there are far more single family homes than apartment units, and this no longer serves the population effectively.

This is why it is important to understand how you can navigate the housing process in the most strategic and informed way. This guide is a tool to help you do so.