Housing affordability is no joke and this study by the Harvard Joint Center for Housing Studies provides a grim look at what we spend on housing costs. The definition of cost burdened is spending more than 30 percent of one's income on housing, and according to this number crunching via data from the U.S. Census, 37 percent of all households in the New Orleans-Metairie metro area are part of that group. When it comes to the rental scene, over half (54.1 percent) of renters are cost burdened with 32.9 percent in the "severe cost burdened" category, meaning they spend over half their income on housing. Sigh.
· Millions of Americans Spend Over 30 Percent of Income for Housing [Harvard Joint Center for Housing Studies]