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10 Cities With the Most House-Poor Homeowners (and 10 With the Fewest)
10 Cities With the Most House-Poor Homeowners (and 10 With the Fewest)
In some cities, many people spend more than half their income on housing.
This story originally appeared on SmartAsset.com.
According to the U.S. Department of Housing and Urban Development, a household that spends more than 30% of its combined income on housing is considered “cost-burdened.” And households spending over 50% on housing are considered “severely cost-burdened.” Many homeowners nationwide facing constraints based on their housing expense ratio may need to rethink their housing budget and move forward with a different personal finance plan. Some cities are more affected than others, however, which is why SmartAsset decided to take a closer look at the data to identify the cities with the most and fewest of these cost-burdened homeowners.