The percentage home owners with mortgages who spent 30% or more of their household income on housing, including mortgage payments, taxes, insurance, and utilities, was 37.6% in 2009, almost unchanged from 2008. At the same time, the median home price dropped about 6%, according to data from the U.S. Census Bureau.
Renters weren’t so lucky. The number of renters spending 30% or more of their household income on housing-related costs rose to 51.5% of all renters in 2009, rising from 50% in 2008, according to the Census.
Two factors affected housing affordability:
· Median household income, adjusted for inflation, fell 2.9% in 2009 as unemployment rose.
· Median monthly housing costs, including rent and utilities, rose 3% in 2009 from $818 to $842.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900