Money Monday: Americans are paying more than they can afford for housing

Rising housing costs are putting a major squeeze on Americans.

“Nearly 39 million households can’t afford their housing, according to the annual State of the Nation’s Housing Report from Harvard’s Joint Center for Housing Studies.

“Experts generally advise budgeting about 30% of monthly income for rent or mortgage costs.

“But millions of Americans are far exceeding that guideline.

“One-third of households in 2015 were “cost burdened,” meaning they spend 30% or more of their incomes to cover housing costs.”

Read more of Money.CNN.com’s article here: “39 million households are paying more for housing than they can afford.”

 

Leave a Reply

Your email address will not be published. Required fields are marked *