Half of Californians Can’t Afford Their Homes
Californians are more burdened by housing costs than are residents of any other state, an analysis of new census data shows. More than half of the state's homeowners with a mortgage – 51.4 percent – spend more than 30 percent of their monthly income on housing costs, according to 2005-2009 estimates from the U.S. Census Bureau's American Community Survey. Renters in California are in the same boat, with 51.8 percent spending more than 30 percent of their income on rent and utilities. The 30 percent threshold for housing costs has long been a conventional marker of affordability [PDF] . The estimates , released Tuesday, show that housing costs exceed 30 percent for 36.7 percent of mortgaged owners and 46.2 percent of renters
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on December 17, 2010. Filed under