Recent data provided by real estate and housing analytics service Gavop shows that Hudson County homeowners with a mortgage allocated a whopping 50.5 percent of their income towards housing costs in 2016.
By John Heinis/Hudson County View
Using date collected with the U.S. Census Bureau, Gavop analyzed real estate trends at the county level across the United States and found that Hudson County had a median income of $63,808 and a median housing cost of $32,244 per year for those with a mortgage.
Furthermore, the 50.5 percent of income spent on housing costs is the proportion of income allocated to homeowner expenses including the sum of mortgage payments, real estate taxes, insurance, and utilities.
“In this study, we looked at annual housing costs as a percentage to gauge how much debt people owe to their living situation based on location,” Gavop analyst Kevin Pryor said in a statement.
“Here, the numbers show that Hudson County residents paid a high median percentage of income on housing costs, resulting in a large debt to homeownership in the area”.
According to the study, only Essex County has a higher percentage of income spent on housing costs at an incredible 59.9 percent.