Homeownership costs are quite high in San Jose, Calif. (Photo:ajcasanova/ iStockphoto)
Housing costs are eating up a heftier portion of U.S. homeowners' incomes these days, according to 2007 data released Tuesday by the U.S. Census Bureau. The data shows that while experts traditionally caution not to spend in excess of 30 percent of one's income on housing -- whether it be to own a home or to rent one -- nearly 15 percent of U.S. homeowners (or 7.5 million people) who have a mortgage are spending at least half of their incomes on housing costs, the Associated Press notes. And 38 percent of U.S. homeowners with a mortgage are shelling out 30 percent or more of their income on housing, the AP says.
In which cities does homeownership cost the most? In San Jose, Calif. ($2,980 a month), San Francisco, Calif. ($2,838 a month) and New York, N.Y. ($2,513 a month), says Forbes.com. Those costs include monthly mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees, Forbes says. The biggest bargains can be found in Cleveland, Ohio ($978 a month), Columbus, Ohio ($1,060 a month) and Pittsburgh, P.A. ($1,187 monthly). In Cleveland and Pittsburgh, however, those relatively low homeownership costs are offset by a lack of local job opportunites, the website says. —Lauren Baier Kim