Rising rents are forcing renters to outspend homeowners on housing costs, according to a new study. In the last 26 years, homeowners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Since 2005, homeowners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. In that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same or less than the median rental payment.
Source: “Renters Outspend Owners on Housing” RISMedia
Since 2005, homeowners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. In that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same or less than the median rental payment.
Source: “Renters Outspend Owners on Housing” RISMedia
