Increase in salary required for an individual to afford rent on a 2-bedroom apartment
21%
Average increase in rents from 2022 to 2023 while wages for individuals have only grown by 3.3%
8.8%
SOARING HOUSING COSTS THREATEN COMMUNITY STABILITY
Across the State, housing costs have become a significant burden on all communities. Malta is no different; with the exception that it is a growing Town, while most other places in the State are losing population. Based on a recent study done by the Capital Region Planning Commission in May of 2024, in Saratoga County:
Unfortunately, these trends shows no signs of abating, with housing prices expected to continue their upward trajectory and the affordability gap worsening. This trend impacts all residents in Malta irrespective of their economic status. The need for new, affordable housing, is more pressing than anytime before in Malta's history.
$102,126
The current income gap for a 2-person household to afford an median house price
CURRENT HOUSING
PAYING
TO RENT
Per 2018 ACS Data
As business & population growth continues in Malta, this ratio will continue to worsen
OVER 30 %
OF HOUSEHOLD INCOME
MALTA RESIDENTS
33%
INCREASE
in rental rates since 2020
CoStar Analytics Data
MARKET ASKING RENT PER UNIT
~25%
INCREASE
in rental rates forecasted over the next 4 years
~20%
