Data released today shows that more people spent more than 30 percent of their income on housing costs, last year.
From today’s Times:
Nationally, half of renters and more than one third of mortgage holders â€” 37 percent, up from 35 percent in 2005, or a rise of more than 1.5 million households â€” spent at least 30 percent of their gross income on housing costs, the level many government agencies consider the limit of affordability.
But that’s not the part of the story I found most interesting:
â€œItâ€™s not an accident that the states that are leading in foreclosures, including California, Nevada and Florida, are also on top of the list for the proportion of mortgage borrowers paying more than 30 percent of their income on housing,â€? [Matt] Fellowes said. â€œTake away the four top states, and thereâ€™s actually a decrease in foreclosures.â€?
I don’t know what the fourth state is (either Arizona or New Jersey, I think), but that’s very interesting data.
Not sure what it means, but it’s interesting data.
More: Housing Costs Consumed More of Paychecks in 2006 – By John Leland, The New York Times
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