Magazine article Mortgage Banking

Housing Slightly More Affordable for Low- and Moderate-Income Households

Magazine article Mortgage Banking

Housing Slightly More Affordable for Low- and Moderate-Income Households

Article excerpt

The Washington, D.C.-based Center for Housing Policy released a new report that found the share of working households with severe housing cost burdens eased in 2012 to 22.1 percent after peaking at 23.7 percent in 2011.

The report, titled Housing Landscape 2014, was released on Feb. 19. The center's research found that most of the affordability improvements between 2009 and 2012 were among homeowners who benefited from falling housing costs. Those lower costs came from increased opportunities to modify existing mortgages or to buy homes at lower prices.

The center found that renters were much more likely to be severely cost-burdened than homeowners. The report found that 25.4 percent of working renters spent more than half of household income on housing costs, compared with 18.6 percent of working homeowners.

But the report noted that the national picture hides some regional markets where the housing affordability problems are more severe. Between 2009 and 2012, housing affordability improved in 13 states--mostly in the Midwest and West, where the for-sale market has not fully rebounded and owner costs continued to fall, according to the center. The new report found that in 36 states (and the District of Columbia), there was no significant improvement in housing cost burdens. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.