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Friday, March 13, 2026

Study Investigates Affordability of Apartments in Capital Region: Business Insights

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A recent⁣ study reveals that lower-income renters in ‌the heart of the ‌Capital Region would need ⁣to work beyond the standard 40-hour work week to bridge the gap between⁣ their hourly wage and the‌ local fair market ‍rent, particularly for a⁢ two-bedroom apartment.

Indeed, the data from the Capital District Regional Planning Commission, a planning and ⁢resource group based in⁢ Colonie, suggests that these renters would need to clock⁣ in as much as 58 hours a week ‍to make ends meet in Schenectady County.

The commission has recently published‌ an affordability⁤ study for Albany,​ Rensselaer,⁣ Saratoga, and Schenectady counties. This study was conducted in response to ⁢the increasing inquiries about housing in general, according to executive director Mark Castiglione. He believes that ‌the findings will be beneficial for local policymakers.

This study​ is a reflection ⁤of an annual report⁢ published for over a decade by Hudson Valley Pattern for Progress, a⁣ similar research and planning group in Newburgh that serves nine counties to the south.

The study is timely, considering the current outmigration from ‌the state,⁢ which is partly attributed​ to housing quality and affordability issues. Government leaders, including the governor, are seeking ways to⁤ promote the development of more workforce housing.

The study‌ indicates that the 2023 fair market rent⁤ for a one-bedroom apartment in the Capital Region⁢ was $1,079, and $1,313 for⁣ a two-bedroom. The average hourly wage required to ⁣afford each is estimated at $20.75 and ​$25.25, respectively. However, not all renters earn this much.

The report⁢ estimates⁣ the hourly renter⁤ wage, ⁢calculated using various government data, at $17.42 in Schenectady County, $19 in ⁣Rensselaer County, $20.81 in Saratoga County, and $22.10 in Albany County.

From these figures, it’s clear that a ⁣renter would need to ‌work ‍more than 40 hours a week, or possibly hold more than one job, to​ afford a two-bedroom apartment. The report ‍includes a chart listing the required weekly work ⁤hours to afford a two-bedroom apartment: 46 hours​ in Albany County, 49 in ​Saratoga ⁣County, 53 in Rensselaer County,⁤ and 58 in Schenectady County.

Even a one-bedroom apartment in Rensselaer and Schenectady counties requires more than a standard 40-hour work week.

According to ‍the report, five-year estimates from the ⁣U.S. Census Bureau⁤ through 2022 show a 9% increase in the number of renters in the region compared to the previous five-year period.

“This increase⁢ highlights the growing need to understand the economic conditions and housing⁢ needs of ‍renters in the region,” the report states.

Unlike the annual Pattern for Progress report, the local ⁢study⁣ does not ⁤heavily criticize wage and rent⁣ trends contributing to the “affordability crisis,” as the 2023 Pattern study termed it.

Castiglione, the head of the Capital Region commission, explained that ​this was intentional as his group is not an advocacy organization.

“We aim for the report to enlighten those who ⁢can take action to address the housing ⁣gaps in our region,” ‌he shared via ⁢email. “The issue of housing affordability ⁣is persistent, and it will continue⁢ to‌ be a priority for ⁣advocates and government ​officials for the‌ foreseeable future.”

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Kiara Thomas
Kiara Thomas
I uncover quirky and compelling stories. Always on the lookout for the 'why' behind the 'what'.
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