A recent “chart of the week” from the Mortgage Bankers Association illustrates the number of owner and rental households with their corresponding income and housing costs burden. Using data from Harvard’s Joint Center for Housing Studies’ State of the Nation’s Housing Report, they show various demographic shifts between renting and owning taking place before and after the last recession. Perhaps most interesting was a post-recession shift from owning to renting among households earning between $30k and $75k.
“The numbers tell an important story about affordability, and also about how households and the housing market interacted before, during and after the Great Recession.”
Source: MBA and Harvard’s Joint Center for Housing Studies
Click here to see the full report at the Mortgage Bankers Association.