Here’s a closer look:
- The study found that nearly 18 million owner-occupied U.S. households are “housing cost-burdened” which is defined as those spending at least 31% of their monthly income on housing costs. These expenses include mortgage payments, insurance and utilities.
- Hawaii, California and New Jersey top the list for states with the largest share of housing cost-burdened households, averaging 29.98%. West Virginia, Indiana and North Dakota are the least housing cost-burdened states, averaging 14.97%.
- Married couple households without children younger than 18 living at home are least likely to be housing cost-burdened with a national average of 14.47%. Single women homeowners with children younger than 18 are most likely to be housing cost-burdened, averaging 43.31% nationwide.
For additional details, check out Demetria Lester’s article in theMReport here: Share of Cost-Burdened Households Headed by Single Moms Hits 43%.
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.
