Housing Burden Highest in South Florida
Housing Burden Highest in South Florida
Housing Burden Highest in South Florida
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March 2, 2011 (Shirley Allen)
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The Center for Housing Policy reports that the three county region of Palm Beach, Broward, and Miami-Dade counties has the nation’s biggest burden when it comes to monthly housing costs. Out of 752,041 working households, 42 percent of the residents of the region spent more than half of their income on housing 2009.

According to the Center, the region also lead the nation in 2008, when 39 percent of the homeowners devoted more than half their income to housing.

Residents in the Los Angeles area ranked second at 37 percent according to the report. Orlando, Florida, and Riverside, California, tied for third at 35 percent. The 2009 data is the most recent available.

“It’s a dubious distinction, isn’t it?” said Keith Wardrip, the author of the report and senior associate for the nonprofit research group in Washington, D.C.

California and Florida were the top two states with 33 percent each of working households spending more than half of their income on housing. That tops 2008, when the figure was at 30 percent.

The report attributes the increasing rate of burden on homeowners who were coping with high priced homes that they purchased during the housing boom, adjustable rate mortgages used to purchase those homes and a lackluster job market with high unemployment and downward pressure on wages.

“While large price declines in recent years have helped buyers afford homes, costs for many existing homeowners who bought near the peak of the housing boom have remained the same or increased while their incomes have dwindled,” Wardrip said.

Housing costs for homeowners are defined as first and second mortgage payments, property taxes, insurance, utilities and any association fees. Housing costs for renters include rent and utilities.

Tags: monthly housing costs, biggest burden, homeowners, housing boom, price declines, dwindling income, mortgages, renters

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

March 2, 2011 (Shirley Allen)
mortgage-home-costs-image
The Center for Housing Policy reports that the three county region of Palm Beach, Broward, and Miami-Dade counties has the nation’s biggest burden when it comes to monthly housing costs. Out of 752,041 working households, 42 percent of the residents of the region spent more than half of their income on housing 2009.

According to the Center, the region also lead the nation in 2008, when 39 percent of the homeowners devoted more than half their income to housing.

Residents in the Los Angeles area ranked second at 37 percent according to the report. Orlando, Florida, and Riverside, California, tied for third at 35 percent. The 2009 data is the most recent available.

“It’s a dubious distinction, isn’t it?” said Keith Wardrip, the author of the report and senior associate for the nonprofit research group in Washington, D.C.

California and Florida were the top two states with 33 percent each of working households spending more than half of their income on housing. That tops 2008, when the figure was at 30 percent.

The report attributes the increasing rate of burden on homeowners who were coping with high priced homes that they purchased during the housing boom, adjustable rate mortgages used to purchase those homes and a lackluster job market with high unemployment and downward pressure on wages.

“While large price declines in recent years have helped buyers afford homes, costs for many existing homeowners who bought near the peak of the housing boom have remained the same or increased while their incomes have dwindled,” Wardrip said.

Housing costs for homeowners are defined as first and second mortgage payments, property taxes, insurance, utilities and any association fees. Housing costs for renters include rent and utilities.

Tags: monthly housing costs, biggest burden, homeowners, housing boom, price declines, dwindling income, mortgages, renters

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 2, 2011 (Shirley Allen)
mortgage-home-costs-image
The Center for Housing Policy reports that the three county region of Palm Beach, Broward, and Miami-Dade counties has the nation’s biggest burden when it comes to monthly housing costs. Out of 752,041 working households, 42 percent of the residents of the region spent more than half of their income on housing 2009.

According to the Center, the region also lead the nation in 2008, when 39 percent of the homeowners devoted more than half their income to housing.

Residents in the Los Angeles area ranked second at 37 percent according to the report. Orlando, Florida, and Riverside, California, tied for third at 35 percent. The 2009 data is the most recent available.

“It’s a dubious distinction, isn’t it?” said Keith Wardrip, the author of the report and senior associate for the nonprofit research group in Washington, D.C.

California and Florida were the top two states with 33 percent each of working households spending more than half of their income on housing. That tops 2008, when the figure was at 30 percent.

The report attributes the increasing rate of burden on homeowners who were coping with high priced homes that they purchased during the housing boom, adjustable rate mortgages used to purchase those homes and a lackluster job market with high unemployment and downward pressure on wages.

“While large price declines in recent years have helped buyers afford homes, costs for many existing homeowners who bought near the peak of the housing boom have remained the same or increased while their incomes have dwindled,” Wardrip said.

Housing costs for homeowners are defined as first and second mortgage payments, property taxes, insurance, utilities and any association fees. Housing costs for renters include rent and utilities.

Tags: monthly housing costs, biggest burden, homeowners, housing boom, price declines, dwindling income, mortgages, renters

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.