Real Estate

Dropping income levels burden homeowners

According to the report by The Center for Housing Policy, which used the most recently available data from the Census Bureau American Community Survey, the share of working households with a severe housing cost burden increased significantly between 2008 and 2011, rising from 21.8% to 23.6%.

The picture is most bleak for working renters, who saw both their incomes drop and their housing costs rise. Rental costs climbed 6% from 2008 to 2011, while income fell 3.2%.

And the problem is only getting worse, writes CBS MoneyWatch. 

 

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