#housing-costs

#housing-costs

To gain insight into California costs, my trusty spreadsheet reviewed detailed consumer spending statistics from the Bureau of Economic Analysis. These numbers allow us to track key components of household expenses in 2024 for the 50 states and the District of Columbia. It's calculated per resident, so much like an average, the biggest and smallest spenders can influence the results.

Retirees in Alaska face one of the harshest financial gaps in the nation when attempting to live on Social Security alone. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the average retiree in Alaska experiences an annual shortfall of $4,152, or about $346 per month, even with their mortgage fully paid. While that might not seem like a lot to some, it could mean all the difference to someone on a fixed income.

the majority of Americans find housing costs in the U.S. unreasonably high, according to a recent survey conducted by Tavern Research for the Searchlight Institute. While housing economists attribute the crisis to a chronic shortage of housing, the survey shows a variety of opinions on the causes, including blaming investors, building material costs, landlords, and elected officials. The survey also highlights that a majority of Americans welcome more home construction in their communities, recognizing the benefits of increased housing availability.

The typical retiree in Massachusetts faces an annual shortfall of $7,345, or about $612 per month, even with their mortgage fully paid. Additionally, retirees here face average monthly living expenses of $2,634, while the median Social Security benefit is just $2,022 per month. With housing costs averaging $1,007 per month, retirees' budgets simply cannot keep pace. With housing consuming nearly half of the average Social Security check, seniors are forced into deficit territory before accounting for food, transportation, or healthcare.

According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index,, the average retiree in Alabama ends up with an annual surplus of $576, or about $48 a month, after paying for essential living costs. While it may not seem like a lot, the extra funds are more than homeowners have in most of the country, and can be put to good use in future-proofing a home.

We are absolutely seeing a correlation between Zohran Mamdani's surprise win in the Democratic primary and an uptick in real estate interest in Westchester," Zach and Heather Harrison told Realtor.com.

For one in three Americans, a single surprise bill could spell financial crisis. That's according to a new survey by Empower, a retirement and financial services company, which found 32% of Americans have no emergency savings set aside. But not everyone is equally short on cash: Gen Zers have a median of $400 in their crisis funds, while boomers have saved up to five times as much.

My trusty spreadsheet identified this affordability challenge by analyzing 2024 Census Bureau housing data for the 50 states and the District of Columbia. These latest figures detail swings in who's renting, how much they pay, and how many tenant households are financially swamped by rental expenses - that's rent plus utilities exceeding 50% of incomes. Remember, California is the nation's largest rental market with 6.1 million tenant households.

More than 225,000 children are living in poverty when housing costs are accounted for, similar to the levels of child poverty seen during the financial crisis, new research has shown.

Renting is a short-term commitment. You can sign a lease and have the flexibility to move somewhere else after the lease is over Maintenance and repairs are typically handled by the landlord, saving you time and money. Additionally, taxes and other local expenses are also usually covered by the landlord If you live in a city with high property taxes, renting may be more affordable, helping to reduce your monthly payments

The state with the lowest cost of living is Oklahoma, with an overall cost of living index at 85.5, meaning that the cost of living in the state is 14.5% cheaper than it is on average nationwide. This figure is driven largely by the state's very low cost of housing - with a housing cost index value at 70.5, the second lowest in America.

Nearly one in five people aged 55 and over and on low incomes say they want to retire but can't because of housing costs, according to a survey by Crisis.

The cost of renting in the UK has seen a sharp rise over the last few years, increasing by an average of 221 a month in just three years.

Gen Zers reported that they don't pay for their own housing, while parents expect to provide $1,813 monthly for various living expenses in 2025.

"A lot of people have this kind of misconception that homes are cheap," said Melnyk. Over the last few years, he's regularly received inquiries from people outside Nova Scotia who are interested in moving to the province.

Most financial advisors recommend keeping housing costs to 30% or less of your income to maintain financial stability and have room for savings.

In this environment, California must lead. State leaders can do this by boosting revenue streams and making the tax system more fair.