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75 July 2024 J O U R N A L » Indiana » Arkansas » North Dakota » Ohio » Missouri » Iowa » Alabama » South Dakota » Delaware No. 1: West Virginia—The Mountain State » Total number of owner-occupied households for whom cost-burdened status is known: 541,951 » Number of owner-occupied households that are house poor: 73,383 » Number of house-poor households that are severely housing cost-burdened: 35,956 » Share of owner-occupied households that are house poor: 13.54% » Share of house-poor households that are severely housing cost-burdened: 49.00% No. 2: Indiana—The Hoosier State » Total number of owner-occupied households for whom cost-burdened status is known: 1,919,261 » Number of owner-occupied households that are house poor: 314,411 » Number of house-poor households that are severely housing cost-burdened: 132,626 » Share of owner-occupied households that are house poor: 16.38% » Share of house-poor households that are severely housing cost-burdened: 42.18% No. 3: Arkansas—The Natural State » Total number of owner-occupied households for whom cost-burdened status is known: 798,877 » Number of owner-occupied households that are house poor: 132,060 » Number of house-poor households that are severely housing cost-burdened: 60,461 » Share of owner-occupied households that are house poor: 16.53% » Share of house-poor households that are severely housing cost-burdened: 45.78% Homeowners Have Leeway With Housing Cost Spending Households that usually spend more than 30% of their monthly income on hous- ing are considered housing cost-burdened. This is because households that spend more than this may have insufficient funds to cover other vital expenses, such as food and automobile or credit card payments. However, spending more than 30% of one's income on housing is not always a bad thing. Some homeowners may easily maintain financial stability while spending more money on housing than is often recommended. "All of this isn't to say that home- buyers should go wild and spend tons of money on housing just because they technically can without falling behind on their bills," said Jacob Channel, Senior Economist for LendingTree. "Instead, it's meant to show that not every household needs to have the same budget." U.S. ASKING RENTS HIT HIGHEST LEVEL SINCE 2022 T he median asking rent in the United States rose 0.8% year over year in May to $1,653, represent- ing the highest level since October 2022, according to a new Redfin survey. This is the second straight increase—rents rose 0.9% year over year (YoY) in April—after 11 months of declines, while rents rose 0.5% month over month (MoM). Per the report, apartment prices are closely related to unit supply. Multifamily construction increased during the pan- demic moving frenzy, lowering rent prices as building owners competed for renters. While multifamily development starts have dipped below their 10-year historical average, there is still a backlog of new units "All of this isn't to say that homebuyers should go wild and spend tons of money on housing just because they technically can without falling behind on their bills. Instead, it's meant to show that not every household needs to have the same budget." —Jacob Channel, Senior Economist for LendingTree