California ranks No. 2 for housing costs in U.S.

California ranks No. 2 for housing costs in U.S.

There’s only one place outside of California where you’ll spend more of your paychecks on housing. My trusty spreadsheet calculated how much typical households spend on housing expenses by reviewing a cost study from WalletHub and homeownership levels from the Census Bureau. The math shows housing expenses eat up 44% of a typical California household budget. Only Hawaii at 53% was higher. No. 3 was New York at 42%, Massachusetts at 40% and Orego…

WalletHub: California Residents Spend the Second Highest Percentage of Income on Housing

With housing costs taking up as much as 50% of the median income in some states, the personal-finance website WalletHub today released its report on the States Where People Spend the Most & Least on Housing to highlight where owning a home is unaffordable for the average person.

States Where People Spend the Most & Least on Housing

The cost of buying a house has skyrocketed in recent years, well outpacing inflation, and many people have been priced out of becoming homeowners for the time being as a result. Those who are able to afford hefty mortgage payments also have to squeeze other housing costs, such as expensive utility payments, into their budgets. To shed more light on where Americans are spending the most and least on housing, WalletHub analyzed mortgage and home e…