The gap is widening between the haves and have-nots.
According to data from Zillow, low-income homeowners spend 23 percent of their wages toward mortgages on homes valued in the bottom third of homes. While this is near the national average, in comparison high-income homeowners spend only 11 percent of their earnings toward mortgages on homes valued in the top third of the market.
Historically, homeowners of all income levels spend around 21 percent of their income on mortgages. The share has declined to 16 percent in recent years.
The inequality worsens in pricey coastal metros. In Los Angeles, low-income homeowners pay 79 percent of their incomes on a mortgage for a lower-end home, while upper-income homeowners pay just 26.7 percent for homes at the pricey end.
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