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Wednesday, September 29, 2010
Owners Spending Less on Housing
The percentage home owners with mortgages who spent 30 percent or more of their household income on housing, including mortgage payments, taxes, insurance, and utilities, was 37.6 percent in 2009, almost unchanged from 2008. At the same time, the median home price dropped about 6 percent, according to data from the U.S. Census Bureau.
Renters weren’t so lucky. The number of renters spending 30 percent or more of their household income on housing-related costs rose to 51.5 percent of all renters in 2009, rising from 50 percent in 2008, according to the Census.
Two factors affected housing affordability:
· Median household income, adjusted for inflation, fell 2.9 percent in 2009 as unemployment rose.
· Median monthly housing costs, including rent and utilities, rose 3 percent in 2009 from $818 to $842.