1 year ago
22
SAN DIEGO -- According to a new study, several cities in the San Diego metro area rank within the top 20 cities with the most cost-burdened homeowners in the nation.
A survey conducted and released by Chamber of Commerce in April 2023 shows four in 10 homeowners in Oceanside, San Diego and Chula Vista are considered "house poor."
The expression "house poor" is used to described homeowners that are spending more than 30% of their income on housing costs, as explained in the study. Chamber of Commerce says this a popular standard for budgeting.
For many homeowners, however, it appears this isn't an easy tactic to follow.
To determine rankings of cities with the most "house poor" homeowners, Chamber of Commerce says it analyzed median household income and median monthly housing costs across more than 9 million households located in the most populated 170 census-defined places via the U.S. Census Bureau’s American Community Survey.
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