Thirty Percent of Homeowners Living Paycheck to Paycheck

April 24, 2008 No Comments »

payday

A startling 30 percent of homeowners are working paycheck to paycheck to cover housing expenses, a new survey from AOL Real Estate and Zogby International revealed.

The study also found that 43 percent of Americans surveyed spend more than 30 percent of their household income on mortgage payments and other housing costs, rendering them “cost burdened” according to the Department of Housing and Urban Development.

Another 30 percent of those asked said they know someone who is going through the foreclosure process or being forced to sell their home because of a foreclosure proceeding.

All that negativity aside, 31 percent think their home is worth more than it was a year ago and 56 percent do not think their home will be worth less than it is currently in five years.

Additionally, 69 percent think real estate remains a viable investment and 50 percent would buy another home if forced to sell their home today. Is that blind optimism?

Lastly, 67 percent of respondents said they turned to the Internet first when looking for a new home.

The survey was conducted among a national sample of 6,678 adults aged 18 or older between February 15-18, 2008.

Related: Debt-to-income ratio.

(photo: thetorpedodog)

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