Long Beach was named the seventh worst city in the nation when it comes to its citizens being burdened by housing costs, according to research from Smart Asset.
Many Americans, especially renters, have seen housing costs steadily climb over the past few years. With wages staying relatively flat for most segments of the workforce, this equates to more families spending a greater share of their incomes on housing instead of food, health and other necessities—and Long Beach is no exception.
While our neighbor to the north fared worse—Los Angeles sits at No. 5, with 19.13% of its population severely cost-burdened by housing—it doesn’t mean that things don’t look dire: Long Beach didn’t even crack the top ten last year, meaning there has been a three-plus percent increase in our population being severely burdened by housing costs. A little over 16% of Long Beach’s population spends at least half of their income on housing costs, making them fall within the federal definition of “severely housing cost-burdened” as set forth by the Department of Housing and Urban Development.
This percentage excludes those who are just “housing cost-burdened,” which means a household spends between 30% to 49% of their income on housing costs. If we included these households, 58.1% of Long Beach’s population is burdened by housing costs.
In stepping back even further for a broader picture, nearly one million households—998,537 to be exact— across Los Angeles County are cost burdened by housing. Those costs are then increased depending on the age of the head of the household; the older you are, the higher your housing costs will be.
Additionally, according to research this year from Federal Home Loan Mortgage Corporation, the Los Angeles metro area is the third most cost-burdened metro in the nation, behind Miami and San Francisco.
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