Whether renters or homeowners, many Americans are confronting a lack of affordable housing options. Homeowners are at a special disadvantage because the share of household income that is being consumed by the cost of owning a home compared to renting makes homeownership a relatively more expensive proposition, according to a report by the data analytics company Markerr.
The data covers 118 million households, or 92% of the 127.5 million occupied households in the U.S., made up of 84 million homeowners and 43.5 million renters.
The cost of homeownership is calculated by including not only the monthly mortgage payment but also property taxes and repair and maintenance costs. For the nation's 78 million homeowners in the sample, the average monthly cost was $2,407 and the cost to income ratio – which compares cost to monthly pre-tax income — was 38.1%.
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