Rent and Mortgage Costs as a Percentage of Available Income

Earlier today I posted, Article: Where Working Households Are Struggling the Most to Pay Their Rent.  I noted that I would follow up with information specific to Dennis. Below is the relevant information.

According to American FactFinder from the Census Bureau, there are 1,508 rental units in Dennis. Of these, 958 are rented by people earning below 80% of the county’s median income. An additional 150 are rented by people earning between 80% and 120% of Barnstable County’s median income. Of the renters, 28.7% of the households earning less than 120% of the county’s median income are paying over 30% of their monthly income on housing costs.

On the ownership side, the numbers are equally ominous, 3,123 owner occupied housing units (59.1% of all owner occupied housing in Dennis) are occupied by people earning less than 120% of the county’s median income. Of this, 1,970 are occupied by people earning less than 80% of the county’s median income and an additional 1,153 units are occupied by people earning between 80% and 120% of the county median. Mortgage costs exceed 30% of income for 69% of the homeowners earning less than 120% of median income. For those earning less than 80% of median income 57.6% pay more than 30% of their income for mortgage costs.  For those earning between 80% and 120% of the county’s median income, the figure is a whopping 88.6% (1,0121 of 1,153 owner occupied housing units).

What this boils down to is, 46.8% of the year-round housing units are occupied by people who earn less than 120% of median income and are paying more than 30% of their incomes for housing. This illustrates a continuing need for the town to place an emphasis on the creation of affordable housing.

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One thought on “Rent and Mortgage Costs as a Percentage of Available Income

  1. Pingback: Housing Wire: Price inflation pushes U.S. renters to the brink | Dennis MA Economic Development

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