Here’s why it doesn’t pay to be in the middle

Fortune

One in five middle-class renting households are struggling to meet their payments, according to Harvard’s The State of the Nation’s Housing 2015 report released today.

Renters making $45,000 to $75,000 a year have been deemed to be “cost-burdened,” meaning those households are spending more than 30% of their income on rent. In cities such as New York and San Francisco, which are notorious for their skyrocketing property prices, more than half of middle-class renters faced “disproportionately” high payments, the report shows.

The findings coincide with the release of data concerning homeownership rates, which have fallen over the last eight years. “The trend does not appear to be abating,” said Chris Herbert, managing director of the Joint Center for Housing Studies, which released the data on home ownership. More people are turning to forking out monthly rents, the report said: the number of new rental households has increased by 770,000…

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Prinzo and Associates LLC is a tax firm located in Pittsburgh's South Hills. Since 1991 we have been helping clients with tax problems. We also help clients with retirement and other financial needs. If your business is in need of payroll, quickbooks or other financial assistance, we are here to help!

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