January 6, 2009
It seems your dollars aren't stretching as far as they used to, and a some new research could show you why. The Center for Housing Policy Leadership just finished a study that shows you are spending more to live the same.
Between 1996 and 2006, all the major categories of homeowner expenses increased faster than incomes. Mortgage payments increased 46 percent, utilities 43 percent, property taxes 66 percent, and property insurance 83 percent. By contrast, homeowner incomes increased by a little more than 36 percent.
The same goes for all you renters out there. The study found rent increased 51 percent while renters' incomes went up only 31.4 percent during that 10 year period.
That's pretty much the "Cliff's Notes" version of the report. Click below to read more.