Nearly 30% of middle-class homeowners bought homes with monthly payments encompassing more than 30% of their income in 2022, a share that has more than doubled over the past 10 years. This trend is leaving more and more households with less money to spend on necessities, maintain their homes and save for emergencies.
The findings are part of an analysis of Census Bureau data conducted by NBC News.
Spending 30% or less of income on housing costs is a benchmark used by government agencies to measure the affordability of homeownership and renting.
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