Monthly Housing Costs Reach $1,000

Posted by Orb Staff on August 20, 2010 No Comments
Categories : Residential Mortgage

U.S. homeowners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to data released this week by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD). However, renters usually paid a higher percentage of their household income on these costs than did owners (31% compared with 20%).

These new figures come from the 2009 American Housing Survey, which is issued jointly every two years by the Census Bureau and HUD. The survey covers a variety of topics, ranging from housing costs to the demographic characteristics of the housing units' occupants.

The 2009 survey indicates that respondents are generally quite content with where they live, the Census Bureau and HUD report: About 70% of respondents rate their homes an eight, nine or 10 on a scale of one to 10, with 28% giving their homes the ‘best’ rating of 10.

The survey also shows that 32% of owner-occupied units were owned free and clear, 66% had a regular and/or home equity mortgage, and 2% had only a line of credit.

Complete survey results are available on the Census Bureau's website.

SOURCE: U.S. Census Bureau

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