According to a new study from the Center for Housing Policy (CHP), released Thursday, August 30, the percentage of low income households forced to spend more than half their earnings for housing needs exploded as housing prices boomed.
From 1997 to 2005, the study said, the number of low-income workers who rented their homes and spent more than half their income on housing more than doubled to 2.1 million from about 1 million.
Most experts recommend not spending more than 36 percent of your net income on housing costs.
Low-income homeowners fared slightly better; there were 2.4 million of them in 2005, 75 percent more than the 1.4 million in 1997, according to the study.
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