Who Can Afford to Live in a Home?
Ellen Wilson, U.S. Census Bureau
Mary Schwartz, U.S. Census Bureau
With creative financing in the present day housing market, housing values are increasing and homeowners are taking chances with alternative financing methods and consequently putting their homes on the line. Renters also are facing increasing challenges in meeting their monthly housing costs. The 2006 American Community Survey (ACS) shows that 46 percent of renters nationwide pay 30 percent or more of their income on housing costs. Thirty-seven percent of owners with mortgages and 16 percent of owners without mortgages spend 30 percent or more of their income on housing costs. In this paper, we intend to examine the housing burden for owners and renters by several demographic characteristics as well as selected metropolitan areas. We will also show housing costs as a percent of income for the U.S. and some local areas.
Presented in Poster Session 5