Live in certain cities, and it doesn’t really matter whether you rent or buy: It’s going to be hard to make your monthly payment.
Need an explanation? Let’s say you’re a mortgage-holding U.S. homeowner of moderate income. Then you likelyspend around two-fifths of your income on housing. That’s the average calculated by the National Center for Housing in a recent study, which also found moderate-income renters spend around one-third of their incomes in housing. And it’s getting worse, as housing costs have been growing twice as quickly as incomes, according to the study.
Costly real estate markets leave borrowers debt challenged
Most Popular Articles
Latest Articles
Rocket Companies names chief accounting officer
Noah Edwards was promoted to the executive suite and succeeds Brian Brown
-
Opinion: What is the public actually getting for $7.3B in housing subsidies?
-
Newest commission lawsuit doesn’t seek class-action status
-
Indiana senator explains his inquiries into reverse mortgages
-
Guaranteed Rate appoints new branch manager in Atlanta
-
California mortgage relief program running low on funding