Owners Spend Less on Housing…


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.     

www.MichaelCarusoRealEstate.com

Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors (949) 753-7900

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