The Dallas-Fort Worth metro now claims Texas’ crown for most expensive housing prices statewide, a fact that is causing an increasing number of North Texans to miss payments on their rent or mortgage, putting them at risk for eviction or foreclosure.
According to a new study by Mortgage Calculator, one-third of all American households are now cost-burdened, meaning that more than 30% of household income is spent on housing-related costs. Renters carry the brunt of this burden, which is exacerbated in low-income families, 70% of whom are spending at least half their earnings on rent or home payments.
Those financial arrangements leave many American families at risk of missing a rent or mortgage payment, and the Dallas-Fort Worth-Arlington area is averaging the worst out of the nation’s 15 largest metropolitan areas for likelihood for home loss, Mortgage Calculator found…