Study: Housing Expenses Rose 65 Percent in Decade

New York Newsday (10/09/08)
Homeowners saw their yearly housing expenses increased by an average of $5,314--or nearly 65 percent--between 1996 and 2006, but their incomes rose only 36.3 percent, according to a new study from the Center for Housing Policy. "There are a lot of daily challenges that Americans are facing in meeting this full array of housing expenses and incomes just haven't risen as much to be able to allow people to afford it," says Maya Brennan, co-author of the study. A month ago, data from the U.S. Census revealed that nearly 15 percent of Americans with a mortgage were spending at least half of their income on their mortgage, property taxes and insurance. And nearly 38 percent of homeowners with mortgages were devoting at least 30 percent of their income to housing.