The article discusses the alarming rise in homeownership costs, noting that many households are now spending over 50% of their income on housing. This trend is found in cities across the U.S., not limited to traditionally expensive markets. Utilizing data from the 2023 American Community Survey, the piece highlights the correlation between housing affordability and varying demographic factors, emphasizing how homeowners in cities like New York and Los Angeles are particularly affected. The findings indicate a broader geographic distribution of financial strain in housing budgets.
Nationwide, 13.9% of housing units are spending at least 50% of their income on housing costs, highlighting a significant strain on household budgets.
The top 25 cities where homeowners are stretching their budgets are spread across the country, showing that high housing costs affect diverse locations.
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