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Study Says Hudson Valley Residents Drowning In High Taxes

New York gets more expensive every year, according to a new affordability report.
New York gets more expensive every year, according to a new affordability report. Photo Credit: Wikipedia

New York continues to get more expensive each year, Reclaim New York’s Affordability Crisis Report showed last fall.

The "affordability crisis" is one of the most challenging issues New Yorkers face, said the report.

High taxes, a poor job climate, and too many layers of government, make the crisis extremely complex.

Now residents in the Hudson Valley can gain a better understanding of what it actually costs to live in their neighborhoods thanks to an online tool Reclaim New York has rolled out.

The online calculator can formulate residents' total tax burden and cost of living, according to the report.

"When we read about massive government spending, borrowing, waste and corruption, it’s important to realize those things drive up the cost of everything we do,” said Brandon Muir, Reclaim New York’s executive director.

“It’s the first step toward understanding whether we are getting what we’re paying for, and those living in the Hudson Valley are paying more than most.”

Reclaim New York’s Affordability Calculator combines your federal, state, and local total tax burden with basic expenses using hyper-local information down to the zip code and school district level. Users then add specific “Wake-Up Costs” like mortgage payments, student loans, childcare, cell phone bills, and other basic expenses to get a complete picture of their financial situation.

Users can print out a report with the breakdown of where their money goes to see what's left for saving and other expenses.

New York loses more people each year than any other state due to affordability concerns, the report said.

“The Hudson Valley has seen too many people and businesses leave,” said Muir.

“We want them to stay. Now, people can now use data to demand more accountability, reforms and transparency from their elected officials.

In addition to the new calculator, Reclaim New York will be releasing new editions of its Affordability Crisis Report across the state in the coming months.

The initial 2015 report, focused on Long Island, found that across nearly all income levels, residents were struggling to pay basic expenses and have enough to save for retirement, college, and healthcare.

To find out about the cost of living in your area, visit www.NYCalculator.org

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