Tens of thousands of Long Beach homeowner households are severely cost-burdened—meaning they spend 50% or more of their income on mortgages—according to data released by SmartAsset.
Of the 70,000-plus homeowner households in Long Beach, over 12,000 of them are severely cost-burdened by their housing needs.
“Long Beach, California is the second of four California cities on our list of America’s ten most severely housing cost-burdened cities,” the report read.
Formal burden definitions are set forth by the Department of Housing and Urban Development. Those who spend between 30% to 49% of their income on housing costs are defined as “cost-burdened;” those spending 50% or more are defined as “severely cost-burdened.”
Los Angeles sat at No. 1, where 19% of its households are severely housing cost-burdened, while nearly 40% are cost-burdened. Fort Lauderdale and New York City sit in between Los Angeles and Long Beach.
This echoes data released last year by the Joint Center for Housing Studies at Harvard University, showing that 46% of all households in the Los Angeles-Long Beach-Anaheim metro—nearly two million across the region, both renters and owners—are cost-burdened, with 24% being severely cost-burdened.
Editor’s note: This article was originally unclear that this study focused solely on homeowners; its headline and opening paragraph have been altered to reflect that correction.
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