Trends in Housing Costs 1985-2005 and the 30-Percent-of ...

Trends in Housing Costs: 1985 - 2005 and the

30-Percent-of-Income Standard

U.S. Department of Housing and Urban Development Office of Policy Development and Research

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Trends in Housing Costs:

1985-2005 and the

30-Percent-of-Income Standard

Prepared for:

U.S. Department of Housing and Urban Development

Office of Policy Development and Research

Principal Authors:

Frederick J. Eggers

Fouad Moumen

June 2008

The contents of this report are the views of the contractor and do not necessarily reflect the views or policies of the U.S. Department of Housing and Urban Development or the U.S. Government.

Table of Contents

Section A: Overview........................................................................................1

PART 1: Trends in Housing Costs Relative to Income ....................................2

Section B: Data and Methodology ................................................................. 2

Section C: Costs for Owners with Mortgages ..............................................5

Section D: Costs for Owners without Mortgages ......................................13

Section E: Costs for Renters........................................................................20

Section F: Additional Analysis and Part I Summary .................................. 27

PART 2: Adequacy of the 30-Percent-of-Income Standard ...........................29

Section G: Background on the 30-Percent Standard .................................29

Section H: Continued Adequacy of the 30-Percent Standard ...................31

Section I: Looking for an Alternative Test ................................................37

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