Homeowners Spend Less, Renters Spend More

Incomes are not keeping pace with rents.
More earnings are needed for rent than in years past—now 29.1 percent of the median monthly income, versus the 25.8 percent needed prior to the recession, according to an analysis recently released by Zillow. The difference equals $1,957 more than if the share had stayed the same.
Homeowners, however, are not allocating more of their income to a mortgage, the analysis shows. A mortgage accounts for 15.4 percent of the median monthly income now, vers