/*PenDragn: Burden of Housing Rising Throughout Nation*/

10.03.2006

Burden of Housing Rising Throughout Nation

File this under the Rich get Richer.

Excerpt New York Times article "Across Nation, Housing Costs Rise as Burden"
Nationally, the biggest increase in homeowners spending more than 30 percent of their income on housing occurred in an unincorporated area southeast of Los Angeles called Florence-Graham, where more than a third of residents live in poverty. There, the figure climbed to 43 percent from 17 percent. Other places with big jumps included Wyoming, Mich.; Round Rock, Tex.; and Plymouth, Minn.

In general, the places with the highest overall percentages of homeowners spending that level of income were poorer cities. El Monte, Calif., a Los Angeles suburb, had the highest percentage of mortgage holders, 73 percent, spending more than 30 percent of their income on housing. In Newark, the figure was 72 percent; in El Cajon, Calif., east of San Diego, 69 percent; and in South Gate, Calif., 69 percent.

Jack Kyser, senior economist with the Los Angeles County Economic Development Corporation, said such cities are often the only places that people on the lowest rungs of the economic ladder can afford and they tend to stretch their resources to get in. He said El Monte and South Gate both are growing, largely because Latinos have been moving in.


Cartoon: ABC's 911 Miniseries (Nick Anderson)

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