Homes Are Getting More Affordable
Housing is becoming more affordable, and single-family home ownership has seen its biggest rise since 2007, according to a new analysis of American Community Survey data.
The National Association of Realtors, citing a Wall Street Journal report, says that low mortgage rates as well as recent income gains are improving the outlook both for home buyers and for renters.
A University of California – Berkeley researcher found:
- About 33.6 percent of households were cost-burdened in 2015, which means they spent more than 30 percent of their incomes on housing costs, compared to 34.6 percent a year earlier.
- About 49 percent of renters were cost-burdened in 2015, which means they spent more than 30 percent of their incomes in rent, compared to about 50 percent the previous year.