Report: Many American Spending Too Much on Housing

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A new survey conducted by the Demand Institute has revealed that many Americans are spending too much of their income on housing.

According to the findings, which polled 10,000 U.S. households, nearly 40 million Americans are spending more than 30 percent of their income on housing, property taxes and other home-related expenses.

Particularly hard hit have been the renters, as 49% of those polled reported feeling “cost burdened” by their rent payments.

“Home ownership has become more affordable but many renters have still been unable to transition into homeowners,” Jeremy Burbank, vice president at The Demand Institute, told CNN.

Image via flickr/401(K) 2012

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