Personal Finance
30 Percent Of LI Residents With A Mortgage Are Cost Burdened: Report
Six percent of all Long Islanders fall below the poverty line, with varying rates for specific demographics, Newsday reported.
LONG ISLAND, NY — Around thirty percent of Long Islanders with a mortgage are considered cost-burdened, according to census data shared by Newsday Thursday.
Those who are cost-burdened spend 35 percent or more of their income on housing, including the mortgage, real estate taxes, utilities, and condominium fees, the data said.
Just over 21 percent of residents who do not have a mortgage are cost-burdened, while 41 percent of those paying rent are cost-burdened.
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According to the census, 6 percent of all Long Islanders fall below the poverty line, with the poverty rate for all families sitting at 4 percent. The poverty rate for families headed by a single woman is higher than that of all families.
Poverty rates also vary among people and families of different races and ethnic backgrounds, with female-headed households among American Indians and Alaska Natives having the highest poverty level at 49.2 percent.
Find out what's happening in Long Islandfor free with the latest updates from Patch.
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