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Housing Costs Housing costs remained stable this year, despite the recession and drop in median household income. The median monthly mortgage payment this year is $900, which is essentially unchanged from last year's median of $870. The 1992 median monthly rental payment is $720, also unchanged from the median of $730 in 1991. Today, 59 percent of homeowners pay more than $750 a month for their housing, including 45 percent paying more than $1,000. Nine percent pay more than $2,000 a month. These figures are virtually identical to last year. The 1992 mortgage figures reflect the leveling-off in housing costs that has been underway since 1988, except for a slight rise last year. Between 1985 and 1998, the median mortgage figure climbed 36 percent. Among renters, 46 percent pay more than $750 a month for housing, including 16 percent paying more than $1,000 a month. These rates are the same as last year. Thus, rental costs are outpaced by the 3 percent inflation rate this year. As in the past, housing prices continue to be higher in the South County, where 67 percent pay more than $750 a month in rent and 72 percent pay more than $750 in mortgage. Elsewhere, 41 percent pay rents of more than $750, and 53 percent pay mortgages above that amount. The median South County mortgage is $1,100 a month. The median mortgage in the rest of the county is about $800. These figures are all unchanged from 1991. Homeownership remains more expensive for younger residents. Eighty-one percent of 18- to 34-year-olds pay more than $750 a month in mortgage. In the 35 to 54 bracket, 72 percent pay that amount, and among those over 55, only 24 percent pay mortgages over $750. The rate of homeownership, 62 percent, is unchanged from past years, and 38 percent continue to rent. Aspirations of owning continue to run high among renters, with 81 percent hoping to own a home someday. This rate is unchanged from when the question was previously asked in 1982 and 1989. Those hoping to become homeowners include 91 percent of 18- to 34-year-olds, 78 percent of 35- to 54-year-olds and 31 percent of those over 55. There are no differences by income. While hopes have remained constant over time, however, expectations have fallen in the past few years. Today, 28 percent of those who hope to own a home say it is "very likely" they will do so within three years. Another 27 percent say it is "somewhat likely," while 41 percent think it is "not likely" and 4 percent are uncertain. In 1989, 36 percent thought it was very likely they would be a homeowner soon. Today's figure is similar to the 23 percent in 1982 who expected to become homeowners soon. Only 26 percent of 18- to 34-year-olds and one in three older residents think they will very likely be homeowners within three years. Income contributes significantly to these expectations -- in households earning less than $50,000, only 21 percent think they will be homeowners soon. In households making over than amount, 61 percent expect to buy a home within three years. |
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