Housing costs ease for homeowners; not for renters

HOUSING

by Christopher Mazur

The housing cost burden has eased for U.S. homeowners but remained stagnant for renters since the peak of the recession in 2008.

“Recently released data from the American Community Survey (ACS) estimates the percentage of “burdened” households, or those that spend at least 35% of their monthly income on housing costs, and provides a 10-year look at the trends from 2008 to 2018.

“Burden Depends on Mortgage Status

“There were 77.7 million owner-occupied housing units in the United States in 2018. Approximately 62% of these homeowners had a mortgage, down 6.5 percentage points from 2008.

“the homeowner spends 35% or more of their monthly household income on mortgage payments, utility bills, real estate taxes, property insurance, and any required condominium or mobile home fees.”

Click here to read this article in its entirety at the US Census Bureau Website.

 

 

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