A growing number of Americans are forced to spend more than 50% of their combined household income on housing costs in a bear market defined by record high home prices and rising interest rates. Both renters and homeowners are severely cost-burdened in cities where elevated housing demand is pushing prices to unsustainable highs.
Glendale, California ranked as the most cost-burdened metro in the U.S. with 31.08% of households spending 50% or more of their incomes to afford housing costs. In Overland Park, Kansas, the least cost-burdened market, that same figure is 8.86%, SmartAsset reports.
Cities in California, Florida and New York primarily comprise the places with the highest percentage of residents that spend at least 50% of their income on housing costs. However, major cities like Newark, New Jersey and New Orleans, Louisiana also have a presence at the top with 30.05% and 23.62% of households spending at least 50% of their income on housing costs, respectively.
At the other end of the list, Overland Park, Kansas has the lowest percentage of severely housing cost-burdened households (8.86%). Gilbert, Arizona has the second-lowest percentage of residents that spend at least 50% of their income on housing (9.89%). Overland Park and Gilbert are the only two cities where this figure falls below 10%.
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