Article
Housing costs vary by city
Home ownership has long been a foundational element of the American Dream, but in what cities is that dream most attainable?
According to a new U.S. Bureau of Labor Statistics report, many costs go into home ownership – not just the price of the structure itself. And these prices can vary greatly city-by-city.
In 2012, American households spent the largest share of their annual housing expenditures on housing – 33 percent or $16,887. Of that figure, 59 percent was spent on shelter. On average, slightly over 20 percent was spent on utilities, fuels and public services.
The study found these numbers vary significantly by metropolitan area. In 2012, residents in Washington D.C., California and New York spent more than the national average, and residents in Cleveland, Miami and Detroit spent less. Households in D.C. spent, on average, almost double those in Cleveland on shelter.
A breakdown of these costs follows.
For more information on housing costs as well as employment information, download the full report here.
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