The article highlights that housing expenses consume a large portion of Americans' incomes, but some cities like Detroit provide significant relief. Detroit is recognized as the most undervalued housing market, wherein homeowners spend only 17% of their income on housing costs, considerably lower than the national average of 36%. This analysis, conducted by U.S. News & World Report, illustrates disparities in housing burden across cities, pointing out that many households in markets like Boston face extreme financial strain, spending over 60% of their income on housing. These insights emphasize the affordability challenges faced nationwide, contrasting with regions offering lower rates.
Detroit tops the list of undervalued housing markets, where homeowners spend only 17% of their income on housing, significantly lower than the national average of 36%.
The national average for housing expenses is approximately 36%, but markets like Detroit and Cleveland offer relief with much lower payment-to-income ratios.
Those spending over 30% of their income on housing are considered cost-burdened, highlighting the financial strain such expenses can impose on households.
While some cities are expensive—like Boston, where first-time homeowners pay 66% of their income—many Midwest cities provide a more affordable housing option.
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