CPA Financial Musings: Millions of Americans are spending too much on housing

There are millions of people in the United States who are spending more than 30% of their income on housing expenses (rent, mortgage, real estate taxes, homeowner insurance, etc.); this is normally considered the cutoff where home expenses get too expensive for homeowners and renters.   The results of a survey by the Demand Institute in Money by Les Christie break it down some more:

http://money.cnn.com/2014/12/03/real_estate/housing-costs/index.html

The results of the survey show that renters are by far the group spending too much on housing (usually because renters tend to make less than homeowners).  Forty-nine percent of renters spend too much compared to twenty-six percent of homeowners.  In the group of renters who want to buy a house but can’t afford to, Millennials are the hardest hit, mainly because of student debt and lower paying jobs.

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