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Nearly 20% of Md. households cost-burdened

Nearly 20 percent of renters and homeowners in Maryland are spending half their income or more on housing expenses.

According to a Center for Housing Policy study, 19.9 percent of Maryland households are “severely housing cost burdened,” compared to 15.6 percent of all households in the United States.

House for sale

In this, Tuesday, March 12, 2013, photo, a sold sign is posted in front of a home for sale in Mariemont, Ohio. (AP Photo/Al Behrman)

However, the number of Maryland households in that category has fallen, from 21.3 percent in 2009 at the tail end of the recession.

Also, the Baltimore/Columbia/Towson metro market fared better than the state average, with 18.6 percent of households labeled as severely cost-burdened.

According to the study, the national figure  has fallen for homeowners, who have been able to refinance mortgages to take advantage of lower interest rates. And, although the number of overburdened renters fell 1 percent from last year, that number may go back up because of weak job growth and increased demand for rental units, the report says.

The report also details the cost burdens in other areas:

Highest Housing Cost Burdened

  1. Los Angeles 38 percent
  2. New York 38 percent
  3. San Diego 32 percent
  4. Orlando 32 percent

Lowest Housing Cost Burdened 

  1. Pittsburgh 14 percent
  2. Minneapolis 15 percent
  3. Oklahoma City 16 percent
  4. Kansas City 16 percent
  5. Buffalo 16 percent

 

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