One in 4 middle-income new homeowners — twice as many as a decade before — are buying into cost-burdened situations.
The share of middle-class Americans who are buying wallet-squeezing homes has more than doubled in the previous 10 years.
“We went for a house we knew would be difficult moving forward,” Ben said, but they felt it was a “needed sacrifice.” “We have our son and are looking to expand our family,” he explained. And the alternative was continuing to live in a rental with a mold problem that cost $900 a month, a place Haley said they were “so desperate” to get out of.
But those pay gains largely haven’t kept up with housing-market conditions, said McCue. “All these costs are exposing who’s on the margins in terms of paying for their homes,” he said. “You look at households earning less than $30,000 a year — it was something like 95% of older adults were cost-burdened.”
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