Between 2020 and 2023, mortgage holders saw a $305 increase in expenses, while homeowners without mortgages faced a $180 increase, leading to a larger percentage of their incomes spent on housing. For outright owners, expenses rose to 10.5% of income, reflecting a significant generational divide in financial burdens. Rising property taxes, influenced by increased home values, have compounded the pressure for homeowners. Insurance premiums have escalated, contributing to financial strain for both mortgage holders and those who own their homes outright.
Property taxes surged as pandemic-driven home value gains pushed up assessments, rising by $32 in 2022 and another $11 in 2023, resulting in significant financial strain.
Mortgage borrowers have seen their housing cost burden edge up slightly, from 19.8% of household income in 2020 to 20.3% in 2023, which highlights the increasing financial pressure.
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