High Housing Costs Are Creating Overcrowded Homes

High mortgage rates are preventing some households from purchasing new homes, even as their families grow larger

Even as families grow in size, high mortgage rates have kept many households from purchasing a home that would better suit their space requirements. A recent study from online lending platform LendingTree shows that 19.1 million, or about 5.9% of households, live in overcrowded homes, where two or more people have to share a bedroom. This issue is most common in states where housing is more expensive. California has the highest rate of overcrowded homes, with 12.9% of residents living in spaces with more than two people per bedroom. Hawaii follows closely behind, with 11.5% of households deemed overcrowded, and in New York, 9.7% of homes are considered overcrowded.

Looking at this more simply by extra bedrooms rather than overcrowded ones, 38.1% of Americans who live in homes have more bedrooms than people. Having just one extra bedroom (20.8%) is most common, but a significant 8.2% have at least three more bedrooms than residents. (Note: This doesn’t account for couples who may share a room.)

By state, those who live in Wyoming are the most likely to have extra space, with 47.2% of people living in homes with more bedrooms than residents. Delaware (46.9%) and North Dakota (46.4%) follow. Schulz says lower housing costs may play a role. Read more

 

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