More than half of Americans can’t afford their rent or mortgage

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elections have consequences

Quentin Forttrell reports for Market Watch, June 4, 2014:

Over half of Americans (52%) have had to make at least one major sacrifice in order to cover their rent or mortgage over the last three years, according to the “How Housing Matters Survey,” which was commissioned by the nonprofit John D. and Catherine T. MacArthur Foundation and carried out by Hart Research Associates. These sacrifices include getting a second job, deferring saving for retirement, cutting back on health care, running up credit card debt, or even moving to a less safe neighborhood or one with worse schools.

“Affordability issues are real and a major hurdle,” says Lawrence Yun, chief economist at the National Association of Realtors, an industry group. Home prices have increased 20% over the past two years while wages have barely gone up, he says. “Only by adding more new supply, via housing starts, can home prices be tamed,” Yun adds. In fact, construction of housing units has averaged around 1.5 million a year for the past five decades, he says, but it’s likely to be less than 1 million in 2014.

What’s more, at least 15% of American homeowners (or residents of 78 counties across the country) were living in housing markets where the monthly mortgage payment on a median-priced home requires more than 30% of the monthly median household income — long considered the maximum for rent/mortgage repayments. Housing costs above that threshold are “unaffordable by historic standards,” says Daren Blomquist, vice president at real estate data firm RealtyTrac. In New York county/Manhattan, mortgage payments represent 77% of the median income and in San Francisco County represents 70%.

Read the rest of the article here.

New York and San Francisco both went full-tilt for Obama.

Suck it up~Eowyn

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0 responses to “More than half of Americans can’t afford their rent or mortgage

  1. Thanks to Obama, the blessing of Allah be upon him, our electric rates will be increased by at least 20%. If struggling Americans are forced out of their homes, as well as suffer the loss of electric power, our nation may begin to look like Afghanistan. I wonder whether we shall be able to import camels and goats for everyone.

     
  2. The stats are frightening – I know so many unemployed people with quality experience and degrees. Never in my life would I have thought that we would be in this situation at this point in our lives.

     
  3. Thank you Dr. Eowyn for this important post. Our economy has never been so, so bad.

     
  4. traildustfotm

    Very chilling statistics, Dr. Eowyn. We have listened to an endless stream of lies for 6 years since this clown took office, while at the same time watching our economy hemorrhage. And here in Taxachusetts, the Obama faithful remain unshaken in their devotion to the (false) messiah. It’s as if they all signed some kind of suicide pact.

     
  5. Reblogged this on The Daily Pause and commented:
    A bleak reminder after work and en route homebound that some of us end moving back into our parent’s home because we cannot see a penny from meager paychecks.

     

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