27.4% of all homeowners are “cost-burdened,” according to a US Chamber of Commerce study
| The New York Times
Miami, Los Angeles and New York City have the highest number of “house poor” residents, with more than 4 in 10 homeowners in each city feeling stretched beyond their means by their housing bills. And with the exception of New York City, the top 10 cities in the United States for cost-burdened homeowners are all located in either California or Florida.
From 2015 to 2019, the percentage of U.S. homeowners who were considered financially strapped dropped each year, from 29.4% in 2015 to 26.5% in 2019. But the pandemic has now started to erase those gains.
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More Than 1 in 4 American Homeowners Is ‘House Poor’More than one-quarter of homeowners in the United States are “house poor,” spending more than 30% of their income on housing costs, according to a new study. Chamber of Commerce, a product research company for real estate agents and entrepreneurs, used numbers from the U.S. Census Bureau to analyze monthly housing costs and median household income in the 170 most populated U.S. cities. The company found that 27.4% of all homeowners are “cost-burdened” in its study. Miami, Los Angeles and New Yor
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