- The cost to buy a home is more expensive than it’s ever been.
- SmartAsset recently released a new report ranking the US cities with the most severely cost-burdened households — households who spend at least half of their income on housing.
- In 34 cities, at least 13% of households are severely cost-burdened — almost half of the cities are in California.
The housing market is on the climb.
It’s so expensive that, in some cities, the average home outweighs the average income by so much that it can take nearly a decade to save for a 20% down payment, according to a SmartAsset report released earlier this year.
Now, SmartAsset is back with new data that highlights the high cost of homeownership: the US cities with the most severely housing cost-burdened households (defined as households who spend more than 50% of their income on housing).
To determine this list, SmartAsset gathered US Census Bureau data for the percentage of severely housing-cost burdened households among homeowners in 167 cities, ranking each city by the amount of people spending at least half of their income on housing.
In 34 cities, 13% or more households spend at least half of their income on housing. Of these cities, 15 are in California, making it the state with the most severely housing-cost burdened cities. Florida ranks second, home to four of the most severely housing cost-burdened cities.
See which other cities made the ranks below.
34. Detroit, Michigan
Percentage of severely housing cost-burdened households: 13.06%
33. Shreveport, Louisiana
Percentage of severely housing cost-burdened households: 13.12%
32. West Covina, California
Percentage of severely housing cost-burdened households: 13.17%
See the rest of the story at Business Insider
Source: Business insider