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Over 1 in 4 American home owners are cash poor, study shows
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Miami, Los Angeles and New York City have the highest number of “house poor” residents, with more than four in 10 home owners in each city feeling stretched beyond their means by their housing bills.
PHOTO: NYTIMES
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More than one-quarter of home owners in the United States are “house poor”, spending over 30 per cent 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 US Census Bureau to analyse monthly housing costs and median household income in the 170 most populated cities. The company found that 27.4 per cent of all home owners in its study are “cost-burdened”.
