By Les Christie | CNNMoney
Millions of Americans are spending too much of their monthly income on housing.
Thanks to rising costs and stagnant wage growth, nearly 40 million Americans are spending more than 30% of their income on housing payments, property taxes and other home expenses, according to a survey of 10,000 U.S. households conducted by the Demand Institute, a non-profit think tank run by the Conference Board and Nielsen.
Faring most poorly are renters, 49% of which are “cost burdened” by their monthly rent payments, the report found. That’s compared to 26% of homeowners.
