Renters now spend five percent more of their household budgets on housing costs than do homeowners, and the difference is growing as rents rise.
Since 2005, homeowners’ expenditures for housing have risen from 31.9 percent of their household budget to 33.2 percent, but renters’ costs have risen even more from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
Since 1985, homeowners have increased their housing expenditure allocation by 12 percent, while renters increased by 22 percent.
For a first time home buyer to buy in this market it will take a very compelling reason(s) to take that big step.
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