SmartAsset was out Wednesday with its latest look at the most cost-burdened cities in the U.S. Here's what it found:
Housing cost-burdened relates to someone’s total housing costs as a percent of their income. According to the Department of Housing and Urban Development (HUD), you are housing cost-burdened when you spend over 30% of your income on housing. People who spend over 50% of their income on housing are said to be severely housing cost-burdened.
- Familiarity at the top – There has been little improvement for the cities who ranked in the top 10 in this study the last time we conducted the analysis. Once again, Newark ranks first and Miami ranks second for most severely housing cost-burdened.
- Florida is the most burdened – According to our data, Florida cities struggle the most with housing costs. Florida has four cities in our top 10. Connecticut and New York meanwhile each have two representatives in the top 10.