- Days left
Move over, mortgage payment. You're being nudged out of the headlines.

A new report from the Center for Housing Policy reports that almost every major expense associated with home ownership has shot up in the last ten years. (the study looks at the years between 1996 and 2006). The report, "Stretched Thin: The Impact of Rising Housing Expenses on America's Owners and Renters" lays out some sobering realities. But at least you know it's not just your imagination. (make sure to read the comments of this MarketWatch piece. Very interesting).

Not only has the average mortgage payment increased by 46% in those ten years, but property taxes increased 66%. Utilities shot up 43%. Property insurance spiked 83%!

Homeowner Incomes? Those went up by about 36% in those ten years, according to the survey (wonder if they collected that information from mortgage applications. "Liar Loans" were rife in the latter part of that decade).

Renters aren't excluded from this pain, either, as landlords tend to pass their increased costs onto their tenants. According to the report, rents rose by about 51% over the period examined, while renter incomes only rose 31%.

Apart from adding more gloomy news for your weekend, the report does make some recommendations. New housing needs to be far more energy efficient, and built closer to urban centers and public transportation.

For more details, see the entire report here.





Increase your money and finance knowledge from home

Understanding Credit Scores

Credit scores matter -- learn how to improve your score.

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

TurboTax Articles

What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

Add a Comment

*0 / 3000 Character Maximum