In San Francisco, more than one out of five homeowners with a mortgage spends half or more of their income on housing.
That’s also true in 13 more of the largest 100 metro areas analyzed by the Associated Press. Other places include California metro areas of Stockton, , Riverside, Oxnard-Thousand Oaks, , and . Also in the top 10 are the Fort Myers, Sarasota and Orlando metro areas in Florida, and -Northern New Jersey-Long Island.
But the most cost-burdened homeowners in the country live the Miami-Fort Lauderdale-Miami Beach metro area: 58 percent of homeowners spending 30 percent of their income on housing costs, and 29 percent spending half of their income or more on housing.
Sigh. It’s nice that we got an honorable mention – but still I’m dismayed that we’re not in the Top 5.
We can do better. I know we can. Perhaps next year.