Are you house poor? Here are the US cities where that's most common
National Association of Home Builders CEO Jerry Howard discusses the slowing growth rate of home prices.
Are you “house poor?”
If you spend more than 30 percent of your total household income on housing costs, yes. And you're in good company: Millions of Americans fall into the category, according to a recent analysis from Construction Coverage, an industry research website.
Using data from the U.S. Census Bureau and the Zillow Home Price Index, the website found that close to 17 million homeowner households and 20 million renter households are considered house poor.
Affluent communities aren’t immune to house poverty, the analysis found. Home values have grown by 36 percent nationally, while incomes have gone up by 17 percent, and the ratio between median incomes and median home prices was the strongest predictor of house poverty.
Far fewer people own homes in the areas with the highest rates of house poverty, according to the analysis. Cities in the Northeast, where homes are generally more expensive, had some of the highest proportions of house-poor homeowners. The West Coast has a large share as well, with California nabbing the overall highest percentage.
Here are the large cities that fared the worst:
10. Honolulu, Hawaii
Skyline of Honolulu, Hawaii and the surrounding area. (iStock)
House-poor homeowners: 30.3 percent
House-poor renters: 51.9 percent
9. San Diego, California
The skyline of San Diego, California, is shown under blue sky and clouds in March 2009. REUTERS/Mike Blake
House-poor homeowners: 30.6 percent
House-poor renters: 52.5 percent
8. New Orleans, Louisiana
Westley Roger and Alexandra Moran walk their dog Lulu on the Mississippi River levee in New Orleans. (Sophia Germer/The Advocate via AP)
House-poor homeowners: 31.78 percent
House-poor renters: 58.7 percent
7. Bakersfield, California
Bakersfield sign in Bakersfield, California.
House-poor homeowners: 32.2 percent
House-poor renters: 49.6 percent
6. Oakland, California
The Bay Bridge, linking Oakland to the east with San Francisco. REUTERS/Robert Galbraith (UNITED STATES)
House-poor homeowners: 33 percent
House-poor renters: 48.4 percent
5. Anaheim, California
Disneyland celebrates its 60th anniversary in Anaheim.
House-poor homeowners: 33.1 percent
House-poor renters: 59.9 percent
4. New York, New York
The Central Park Tower, under construction at center, is the world's tallest residential apartment building, according to Extell Development Co. (AP Photo/Mark Lennihan)
House-poor homeowners: 33.8 percent
House-poor renters: 50.7 percent
3. Miami, Florida
Nighttime view of Ocean Drive in Miami's South Beach.
House-poor homeowners: 36 percent
House-poor renters: 61.3 percent
2. Long Beach, California
View of an intermodal shipping yard in the Port of Long Beach.
House-poor homeowners: 36.6 percent
House-poor renters: 53.5 percent
1. Los Angeles, California
Los Angeles skyline.
House-poor homeowners: 38.9 percent
House-poor renters: 56.3 percent
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