The financial strain experienced by many residents in the Mid-Hudson region is particularly evident when they are asked to evaluate the affect of a number of expenses on their household budget. People express concern about the pressure placed on their family finances by the cost for transportation, utilities, taxes, housing, tuition, health care, and child care.
Overall, the cost of transportation, specifically gasoline, is by far the greatest hardship for Mid-Hudson Valley residents. 77% of people in the region report their family finances have been considerably stretched by the high cost of fuel. This includes 45% of Mid-Hudson Valley residents who indicate that gasoline prices inflict a great deal of stress on their household budget and another 32% who say the cost of gasoline causes a good deal of financial strain.
Paying for utilities creates an economic hardship for many Mid-Hudson Valley residents. 63% of people in the region think the cost of heat and electricity places a heavy burden on their household finances. One in four residents in the Mid-Hudson region experiences a great deal of financial stress meeting these expenses and another 38% say these expenses place a good deal of financial strain on their household budget.
Property taxes are a major burden for many residents in the Mid-Hudson region. Nearly six in ten residents, 58%, describe the cost of property taxes as placing financial stress on their monthly budget. This includes 30% of Mid-Hudson Valley residents who characterize it as causing a great deal of financial strain and 28% who describe it as placing a good deal of pressure on their ability to meet their monthly expenses.
A majority of Mid-Hudson Valley residents find the cost of paying their rent or mortgage difficult to bear. 53% of residents in the region find it difficult to meet these payments each month. This includes 23% who report they experience a great deal of financial pressure as a result of the cost of housing while another 30% say these expenses cause a good deal of strain on their budgets.
The cost of health care and health insurance presents problems for many Mid-Hudson Valley residents. 41% of Mid-Hudson Valley residents experience financial difficulty paying for health insurance. Nearly one in five residents say paying for health insurance creates a great deal of pressure on their family finances and about another quarter of people in the region describe these expenses as placing a good deal of strain on their family budgets each month. Over one-third of Mid-Hudson Valley residents report their household medical expenses, independent of costs for health insurance, place a great deal or good amount of stress on their finances.
Paying or saving for private school or college is a considerable burden for one-third of those living in the Mid-Hudson region. 33% of residents say tuition costs place either a great deal or a good amount of strain on their family finances.
Although many households do not have a need for child care, among families with small children, child care expenses add up. About one in ten residents in the region struggle to pay for child care and more than one in five families with small children are hard pressed to do so.
Even though relatively few
Mid-Hudson Valley residents use public transportation, 8% of residents in the
region have difficulty meeting their monthly expenses for this purpose.
