18 million Americans are house poor, new study shows

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Millions of U.S. homeowners are spending more than 30% of their monthly income on housing. Here are the hardest hit states.

More than 18 million Americans are living in homes that stretch their budgets far beyond what's considered financially healthy. That's the biggest takeaway from a LendingTree study released this week that found that 18.3 million homeowners are what the housing industry calls cost-burdened, or 'house poor.' That refers to homeowners who pay more than 30% of their monthly income on housing, including the mortgage, utilities and other costs.

But for many Americans, keeping housing costs at a manageable level is difficult, particularly in an economy where inflation is still high, home prices have reached record highs and mortgage rates are hovering around 7%. The median U.S. home price hit an all-time high this month of $394,000, up 4.4% from a year ago, according to Redfin. LendingTree based its study on 2022 U.S. Census data on how much owner-occupied households spent on housing.

Source: Real Estate Daily Report (realestatedailyreport.net)

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