More American Homeowners Are House Poor as Costs Soar

Over 25% of homeowners in the US spend more than 30% of their income on housing costs, leaving little for other expenses.
Some of the most expensive cities like Miami, Los Angeles, and New York City have over 40% of homeowners feeling financially strained by housing costs.
Rising housing costs are straining both homeowners and renters across the country, reducing money available for necessities like food, transportation, and healthcare.
The number of cost-burdened homeowners had been declining but is now rising again due to the economic effects of the pandemic.
The Federal Reserve may provide some relief by keeping interest rates low, though more action is needed to address the growing housing affordability crisis.