Posted: Aug 14, 2014 3:12 AM by Hunter Robinson
Source: Associated Press
BATON ROUGE - A new assessment of the Louisiana housing market has found that nearly 45 percent of renters are considered "rent stressed" because they're paying more than 35 percent of their monthly income in rent.
The national average is at close to 43 percent.
The study by LSU professors Jim Richardson and Roy Heidelberg notes the percentage of Louisiana residents in that category has gone up by almost 15 percentage points since 2000.
Richardson and Heidelberg cautioned the Louisiana Housing Corp. report doesn't look at household income, so affluent people could fall in the category too.
Meanwhile, Louisiana homeowners are less cost-stressed than the rest of the country. Twenty-two percent are spending more than 35 percent of their monthly income on a mortgage, compared to 26 percent nationwide.