Must-Read Op-Ed: Affordable housing is key to Mamaroneck’s post-Ida recovery
Long before Hurricane Ida, Mamaroneck and Larchmont were facing a shortage of affordable housing options for households making below the area median income. While many luxury housing options have been developed, most are out of reach for current Mamaroneck residents. The median household income between 2015-2019 was $102,138 according to the U.S. Census Bureau’s American Communities Survey.
During the same time period, households in our community spent an increasing share of their income on rent and mortgages. The American Communities Survey shows that between 2015 and 2019, almost half of all Mamaroneck renters were considered “rent burdened” (paying more than the recommended 30% of their household income toward rent). Many of these households paid even more than half of their income on rent, an astonishing portion that leaves little for emergency planning, saving, or spending on essentials such as food and medical care. And it’s not only renters — 38.1% of homeowners with mortgages in our community are also cost-burdened.