Most common sacrifices to afford housing

Boston Condos for Sale and Apartments for Rent

Most common sacrifices to afford housing

Massachusetts ranked No. 3 for states where residents spend the most on housing, and the average resident forked over around 34% of income for housing-related costs. That’s according to a new study from WalletHub.

The finance company analyzed the costs of rent, mortgage and home energy across all fifty states using data from Council for Community and Economic Research, the United States Census Bureau and Zillow.

While Massachusetts landed far below Hawaii (50%) and California (43%) for amount residents spent on housing, high energy costs and hefty mortgage payments drove its No. 3 ranking. The Commonwealth claimed the third-most expensive mortgage costs in the nation and some of the priciest home energy expenses. Even its relatively high median household income of $103,960 was not enough to offset these costs.

“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade,” said WalletHub analyst Chip Lupo in the study. “In order to manage expensive mortgage payments and other key housing costs, it’s important for homeowners to budget effectively.”

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Most common sacrifices to afford housing

Are you making sacrifices to afford a Boston condo for sale? If so, you’re not alone. Redfin recently did a study jus on this question. The results may surprise you.