Monday, June 30, 2008

How much of income is spent on housing?

Common wisdom says that one should spend no more than 30 percent of the family income on housing. The American Community Survey provides information on housing costs as a percentage of income by age. It's clear from these numbers, presented in a graph below, that in 2006 many people were spending over 35% of their income on housing, particularly those in young adulthood and households headed by a retiree.

No comments: